5.5% the growth of foreign currencies in the UAE central in the first quarter

According to the Emirates News Agency, the statistics of the UAE Central Bank showed that the index of foreign currency reserves continued to maintain good levels over the past months and in a manner that confirms the strong monetary situation of the state.

The balance of central banks is one of the foreign signs that enables countries to face any fluctuations that the markets may be exposed to, especially fortifying the balance of payments against any deficit, according to the monetary standards in force worldwide.

In detail, the central statistics showed that the increase in the balance of foreign brands during the first quarter of 2020 came with the support of the item of bank balances and deposits with banks abroad, which amounted to 360.6 billion dirhams, a growth of approximately 17.2% compared to 307.5 billion dirhams in the same month of 2019

The central balance of the other foreign assets item increased from 14 billion dirhams to 17.3 billion dirhams during the same monitoring period, which contributed to compensating the central bank balance for the decrease witnessed in the securities item held until maturity from 55.2 billion dirhams to 12.7 billion dirhams in Same comparison period.

According to the criteria followed by the central bank, its assets in foreign currency do not include the reserve segment of the bank and the special drawing rights of the International Monetary Fund.