Growth in UAE’s Banking Sector: Net International Reserves Increase by 7.74% Reaches $336.5 Billion

The UAE banking sector’s net international reserves increased by 7.74%, or 88.73 billion dirhams, during the first quarter of this year to reach 1.235 trillion dirhams ($336.5 billion) at the end of March 2024, compared to 1.147 trillion dirhams at the end of December 2023. This information was provided by the Central Bank of the UAE. The Central Bank also saw an increase of 8.5% in net international reserves during the same period, reaching 730.68 billion dirhams compared to 673.41 billion dirhams at the end of December 2023, showing a year-on-year growth of 36.46%.

Banks operating in the country experienced a similar growth with a net international reserves increase of 7.23%, reaching 504.88 billion dirhams at the end of March 2024 compared to 473.4 billion dirhams at the end of December 2023, resulting in a year-on-year increase of over $109 billion or around $111 million.

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