By: Enas Bahgat
UAE – Mubasher: Gold reserves held with the Central Bank of the UAE (CBUAE) rose by 26.5% or AED 300 million in the first seven months of 2019 to AED 1.434 billion from AED 1.134 billion at the end of December 2018, data by the CBUAE showed.
Month-on-month, the UAE’s reserves of the precious metal increased by AED 187 million last July as compared to reserves in June 2019, according to data compiled by Mubasher.
In April 2015, the UAE central bank to resume forming gold reserves, in addition to various foreign-currency reserves.
Several countries tend to purchase gold owing to its safe-haven status during times of economic turbulence.
Translated by: Mai Ezz El-Din
