Sharjah24 – WAM: The total foreign assets of the Central Bank of the UAE (CBUAE) surpassed the AED700 billion mark at the end of February 2024, for the first time in its history, with an increase of AED203 billion over the past year according to the latest statistics from the bank.

The statistics released today indicate that the foreign assets of the Central Bank increased by 2 percent on a monthly basis from AED 695.04 billion in January 2024 to AED708 billion at the end of February 2024, representing an increase of AED13 billion.

The foreign assets of the Central Bank increased annually by 40.2 percent, compared to AED505.1 billion in February 2023, with an increase of approximately AED202.9 billion over 12 months. Moreover, they increased by about 4 percent or AED27 billion since the beginning of the current year, compared to approximately AED681.15 billion at the end of 2023.

The Central Bank's statistics attributed the increase in foreign asset volume to the rise in current account balances & deposits with banks abroad, with an annual increase of 51 percent to AED467.56 billion at the end of last February, compared to around AED 309.9 billion in February 2023.

Foreign investments within the Central Bank's foreign assets amounted to approximately AED189.37 billion at the end of last February, marking a year-on-year increase of about 28.9 percent from AED146.9 billion in February 2023, representing an increase equivalent to AED42.5 billion.

The Central Bank's statistics further indicated that other foreign assets reached AED51.12 billion at the end of last February, growing by approximately 5.8 percent annually compared to about AED48.31 billion in February 2023, with an increase equivalent to AED 2.8 billion.

The Central Bank noted that its foreign assets excludes CBUAE's Reserve Tranche Position (RTP) & SDR Holdings with the IMF.