UAE Banking Sector's Net International Reserves Up 8.1% in H1 2024

Photo : WAM

The General Directorate of the Central Bank of the UAE has reported a notable increase in the banking sector's net international reserves for the first half of 2024. The reserves rose by 8.1%, reaching AED 1.238 trillion by the end of June, up from AED 1.145 trillion at the close of the same period in 2023. This growth translates to an increase of AED 92.3 billion.

According to the Central Bank's June statistical bulletin, the Central Bank of the UAE held AED 769.7 billion of these reserves, reflecting a 14.3% increase from AED 673.42 billion at the end of 2023. The reserves held by banks operating in the UAE reached AED 468.13 billion by the end of June.

The bulletin highlights significant growth in the Central Bank’s gold reserves, which increased by 22.1% year-on-year to AED 20.467 billion in June, up from AED 16.768 billion in June 2023. This marks an increase of AED 3.7 billion. During the first half of 2024, gold reserves grew by 12.8% from AED 18.147 billion at the end of the previous year. The Central Bank's gold reserves have seen a substantial rise over recent years, from AED 12.862 billion at the end of 2020 to AED 4.044 billion at the end of 2019, and AED 1.134 billion at the end of 2018.

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The Central Bank’s diversified assets also include liquid funds, certificates of deposit, and securities held to maturity. In addition, the number of employees in the UAE’s banking sector grew to 37,811 by the end of June, up from 36,737 in June 2023. This increase of 1,074 employees over the past year includes 31,628 employees at national banks—up from 29,577 in June 2023—and 6,183 employees at foreign banks.

The number of licensed commercial banks in the UAE rose to 61 in the first half of 2024, comprising 23 national banks and 38 foreign banks. The total number of bank branches reached 554, with national banks operating 482 branches and foreign banks operating 72 branches. The number of e-banking service units affiliated with national banks was 46, and there were 21 exchange offices. Foreign banks maintained 21 e-banking service units.

Banking operations statistics reveal that the UAE Funds Transfer System (UAEFTS) processed transactions worth over AED 9.32 trillion during the first half of 2024, marking a 16% increase from AED 8.01 trillion in the same period in 2023. This total includes AED 5.829 trillion in interbank transfers and AED 3.49 trillion in customer transfers. Monthly transaction values were AED 1.512 trillion in January, AED 1.449 trillion in February, AED 1.565 trillion in March, AED 1.592 trillion in April, AED 1.78 trillion in May, and AED 1.42 trillion in June.

The UAEFTS, operated by the Central Bank since August 2001, facilitates real-time money transfers among registered entities. The value of cleared cheques using their images amounted to AED 646.6 billion across 11.03 million cheques in the first half of 2024. The monthly cheque clearances were distributed as follows: AED 109.4 billion for approximately 1.965 million cheques in January, AED 106.7 billion for 1.837 million cheques in February, AED 112.6 billion for 1.855 million cheques in March, AED 92.9 billion for 1.66 million cheques in April, AED 122.7 billion for 2.01 million cheques in May, and AED 102.17 billion for 1.689 million cheques in June.

Additionally, the value of cash deposits at the Central Bank amounted to AED 93.6 billion during the first half of 2024, while cash withdrawals totaled AED 103.2 billion, including AED 103.19 billion in paper currency and AED 33.2 million in coins.

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