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The Central Bank of the United Arab Emirates (UAE) announced that foreign assets totaled a record 500.51 billion dirhams ($136.3 billion) at the end of January. This represents a monthly increase of 1.34% and marks the first time in the UAE central bank’s history that foreign assets have reached this level. The new figure reflects the Central Bank’s commitment to national economic development and positions the UAE as a regional economic powerhouse.
Over the past year, the central bank’s overseas assets have grown substantially, with an increase of 7.8%. This equated to an increase of $9.8 billion, for a total of $126.48 billion in external assets. This was mainly due to the increase in bank balances and overseas bank deposits, with an average monthly increase of 0.18%, reaching a total of 85.6 billion US dollars.This suggests that central banks have been investing in foreign assets, which will boost economic growth and improve financial stability.
This information suggests that the country’s banking sector has benefited from the economic reforms implemented by the government, with innovations leading to a substantial increase in cash deposits. This in turn means that the country’s financial stability and security have improved. So, it’s a positive sign for the banking sector as it’s an indicator of the financial health of the economy. In addition, the increase in cash deposits provided additional support for the government to continue implementing economic reforms.
Cash deposits provide the government with a source of liquidity, enabling it to fund important projects and programmes. The rise in cash deposits is definitely a sign of investor confidence in the banking sector and the government.
The central bank reported that cash deposits rose 1.53 percent to $2.67 billion in January this year. In addition, semi-cash deposits also increased by 12.9% to approximately $263.53 billion. That’s a notable increase from December’s $173 billion. The results show the growth of the UAE economy and its ability to attract more investment. Additionally, semi-cash deposits are a great option for those looking for a safe way to invest in the UAE market. These deposits offer higher interest rates than other deposits in the market, making them attractive to those looking to save for the long term.
The security of semi-cash deposits is also a great advantage, as the Central Bank guarantees deposits up to AED 1 million. Additionally, semi-cash deposits offer flexibility to investors as clients can withdraw funds at any time without prior notice. This means savers are free to invest at the right time without fear of losing their savings. As such, semi-cash deposits are a safe and profitable form of investment in the UAE market as they offer higher interest rates than other investments while keeping savings safe and offering the flexibility to withdraw funds without prior notice. These features make semi-cash deposits an attractive option for those looking to save for the long term.
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