The balance of the UAE Central Bank of gold bars reached almost 11.17 billion dirhams during the month of January.
According to the Emirates News Agency, statistics issued by the Central Bank show that it sold 1.7 billion dirhams of its gold bullion balance during the month of January, which is the first time it has resorted to selling in three years.
The Central Bank’s sale of part of its gold holdings reflects its eagerness to achieve some gains, especially since a large proportion of its balance of this metal was bought at attractive prices in a previous period before it began to record high after that.
The Central Bank had returned to form a balance of gold at the beginning of the year 2015 after it had earlier sold all its possession of this metal and replaced its foreign reserves with a basket of international currencies.
According to statistics, the balance of the Central Bank’s gold possession in December 2020 reached its highest level, at a value of approximately 12.86 billion dirhams, compared to 10.7 billion dirhams in November of the same year.
It is noteworthy that the Central Bank’s possession of gold constitutes only a very small percentage of its total foreign reserves, which confirms that this acquisition is aimed primarily at investment.
