By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) upped its gold reserves by 1.3% to AED 1.16 billion in the first two months of 2018, compared to AED 1.52 billion in December 2017.
The increase in the UAE’s gold reserves sustains the strength of the national economy and boosts its resilience to fluctuations expected in 2018, commodities analyst Mohammad Abdullah commented.
The reformation of a gold reserve is a good move for the diversification of investments, Abdullah added.
In February, data by the central bank showed that gold reserves had declined by 2% compared to the previous month.
In April 2017, the CBUAE decided to create a gold reserve for the first time since 2007.
Translated by: Muhammad Khalid
