By: Mahmoud Gamal
Abu Dhabi - Mubasher: The UAE Central Bank’s gold reserves went up by 12.3% to AED 1.052 billion ($286.46 million) during the 11-month period that ended on 30 November 2016, as per official statistics.
According to the data of the Emirati central bank, reserves went up by around AED 112 million from AED 940 million by the end of 2015.
According to commodities expert, Mohamed Idliby, the UAE central bank is expected to continue raising its gold reserves in the upcoming period.
The increase supports the Emirati economy’s stability amidst forecasted fluctuations in the beginning of 2017, as the Brexit comes into effect and the US president-elect assumes office.
Gold reserves decreased by 6.8% month-on-month compared to AED 1.129 billion in October, the data also showed.
