The balance of the UAE Central Bank of foreign currencies increased for the third month in a row, reaching a level of 355.2 billion dirhams during the month of August of 2020, an increase of 1.3% compared to June of the same year, according to the figures issued today by the Central Bank.
The balance of central banks in foreign currencies is the tool through which it is possible to face any fluctuations that may be exposed to the markets and to fortify the balance of payments against any shortfall, according to international monetary standards.
The balance of the Central Bank of foreign currencies witnessed a decline during the first quarter of this year before it rose again, starting from May of the same year, when the balance reached approximately 353.1 billion dirhams.
The increase in the balance of foreign currencies was supported by the increase in the item of other assets, which amounted to 32.43 billion dirhams in August, in addition to the item of held-to-maturity securities, which amounted to 12.66 billion dirhams, while the item of bank balances and deposits with banks abroad decreased to 310.11 One billion dirhams at the end of the same month.
It is noteworthy that the Central Bank’s foreign currency assets do not include its reserve bracket and the special drawing rights of the International Monetary Fund.
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