Foreign assets of Central Bank of the UAE (CBUAE) have surpassed AED574 billion at the end of April 2023 for the first time in its history.

Figures released today by the apex bank showed that the bank’s foreign assets increased monthly by 6.85 percent, from AED537.39 in March 2023 to AED574.18 billion at the end of last April.

The CBUAE’s foreign assets increased annually by 27 percent, compared to AED452.18 billion in April 2022, an increase of AED122 billion in 12 months.

The apex bank attributed the monthly increase to a 4.7 percent rise in the foreign securities held to maturity to AED158 billion at the end of April from AED150.92 billion in March, a YoY increase of 123.6 percent as compared to AED127.78 billion in April 2022.

Current account balances and deposits with banks abroad reached AED366.5 billion at the end of April, a monthly increase of 7.8 percent from AED339.98 billion in last March, with a 19 percent year-on-year increase at AED264.1 billion in April 2022.

Statistics showed that other foreign assets reached AED49,67 billion at the end of April, a month-on-month increase of 6.8 percent, from AED46.49 billion in last March.

Source: Emirates News Agency