ABU DHABI, The value of the UAE Central Bank's, CBUAE, reserves of gold bars rose to nearly AED1.15 billion at the end of May 2018, an increase of AED38 million or 3.4 percent, compared to AED1.11 billion in the same month in 2017.

The statistics issued by the bank showed that its reserves of gold grew exponentially since 2015, which is the year when it decided to resume its reserves of gold and foreign currencies, most notably the US dollar and other major currencies.

"Despite that, the yellow metal reserve does not constitute a large percentage of the bank's foreign currency reserves, which stood at AED326.6 billion at the end of last May," the statistics noted.

The preliminary reading of the gold reserve movement showed that March 2018 recorded the highest value of gold reserve at AED1.17 billion as compared with AED1.15 billion for December 2017.

According to the May report of the World Gold Council, the market development organisation for the gold industry, the UAE maintains gold holdings of eight tonnes.

Source: Emirates News Agency