Dubai: Abeer Abu Shamala
The value of the UAE Central Bank’s gold holdings increased by regarding 0.7% on a monthly basis last November to 11.754 billion dirhams, compared to 11.676 billion dirhams in October 2021, but it remained down by 8.6% compared to its levels at the end of last year, which amounted to 12,862 billion dirhams.
The Central Bank of the Emirates began to increase its gold holdings remarkably since August 2019, when it raised the value of its holdings by regarding 56% to 2.24 billion dirhams, compared to 1.43 in July of the same year.
The statistical bulletin published by the Central Bank of the Emirates on its website, Tuesday, showed that the value of letters of guarantee rose by regarding 5.5%, by regarding 6 billion dirhams, last November to 114.165 billion dirhams, compared to 108.202 billion dirhams last October, which reflects the continued recovery in business activities in country and recovering from the consequences of the pandemic.
deposit
On the other hand, Central Bank data showed that the value of demand deposits has continued to rise almost continuously since the beginning of the pandemic and has grown by 2.4% and by 19.63 billion dirhams, on a monthly basis last November, to 820.833 billion dirhams, compared to 801.31 billion dirhams in October 2021.
The increase during the first 11 months of last year reached 17.8%, at 123.95 billion dirhams, compared to 696.13 billion dirhams at the end of December 2020.
At the same time, the value of savings deposits in the banking sector in the country increased by 1.2% and by 2.9 billion dirhams on a monthly basis last November to 239.4 billion dirhams, compared to 236.54 billion dirhams in October. The increase since the beginning of the year reached 11.2 percent, at 24.2 billion dirhams, compared to 215.21 billion dirhams at the end of December 2020.
According to the data of the Central Bank, the value of time deposits has continued the trend of the almost continuous decline since the beginning of the pandemic, as it fell by regarding 3.1% and by 16.16 billion dirhams last November to reach 513.17 billion dirhams, compared to 529.3 billion dirhams in October 2021.
The rate of decline in the value of time deposits in the banking sector was regarding 16.8%, at 103.63 billion dirhams, during the first 11 months of last year, compared to 616,591 billion dirhams at the end of December 2020.
Demand deposits rose 17.8% and time deposits declined by 16.8%.
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