UAE posts increase of $3.4bn in international reserves in 3 months

The new figure brings the country’s total reserves to over 519 billion dirhams at the end of January 2021. (WAM)

• The surge highlights the national banking system’s “robust financial solvency,” especially amid the COVID-19 pandemic

DUBAI: The UAE central bank recorded a net increase of 12.6 billion dirhams ($3.4 billion) in the national banking system’s international reserves in the  three months through January 2021.
The new figure brings the country’s total reserves to over 519 billion  dirhams at the end of January 2021, which represented a 2.3 percent increase from November 2020.
The surge highlights the national banking system’s “robust financial solvency,” especially amid the COVID-19 pandemic, the central bank said in a statement carried by WAM.
It is still expected to rise in the coming months, the statement read.