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The net international reserves of the UAE banking sector rose by 8.1%, or AED 92.3 billion, during the first half of this year, reaching AED 1.238 trillion at the end of last June, compared to about AED 1.145 trillion at the end of last year.
The Central Bank of the UAE’s statistical bulletin for June, issued today, showed that the Central Bank acquired about AED 769.7 billion of the sector’s net international reserves by the end of last June, an increase of 14.3%, compared to its balance of AED 673.42 billion at the end of last year, while the net international reserves of banks operating in the country reached AED 468.13 billion at the end of last June.
According to the statistical bulletin, the Central Bank’s gold balance increased, on an annual basis, by 22.1% to 20.467 billion dirhams at the end of last June, compared to about 16.768 billion dirhams in June 2023, an increase equivalent to 3.7 billion dirhams, while its balance increased during the first half of this year, by about 12.8%, compared to about 18.147 billion dirhams at the end of last year.
Gold is one of the various assets owned by the central bank, including liquid funds, certificates of deposit, and securities held until maturity.
The Central Bank’s gold balance witnessed remarkable growth over the past years, rising to 12.862 billion dirhams at the end of 2020, compared to 4.044 billion dirhams at the end of 2019, and 1.134 billion dirhams at the end of 2018.
According to the statistical bulletin, the number of banking sector employees in the country rose to 37,811 employees by the end of last June, compared to about 36,737 employees in June 2023, an increase equivalent to 1,074 new employees within 12 months.
The number of bank employees in the country was distributed as follows: 31,628 employees in national banks by the end of last June, an increase of 2,051 new employees compared to 29,577 employees in June 2023, while the number of employees in foreign banks operating in the country reached 6,183 employees by the end of the same period.
The number of employees in state banks has witnessed a significant increase over the past years, from 33,444 employees at the end of 2020 to 33,491 employees at the end of 2021, reaching 35,830 employees at the end of 2022.
In a related context, the Central Bank indicated that the number of licensed commercial banks in the country reached 61 banks in the first half of this year, including 23 national banks and 38 foreign banks.
The number of bank branches reached 554 branches, distributed as follows: 482 branches of national banks and 72 branches of foreign banks.
The number of electronic banking service units affiliated with national banks reached 46 units by the end of the first half of this year, while the number of exchange offices reached 21 offices, while the number of electronic banking service units of foreign banks remained at 21 units.
In another context, banking operations statistics issued by the Central Bank today showed that the value of transfers executed in the banking sector in the country, through the Emirates Remittance System /UAEFTS/ It exceeded the 9.32 trillion dirham barrier during the first half of this year, as it increased on an annual basis by 16%, compared to transfers worth about 8.01 trillion dirhams, executed during the same period in 2023.
According to statistics, the transfers executed during the first half were distributed as follows: 5.829 trillion dirhams of transfers between banks, and 3.49 trillion dirhams of transfers between bank clients.
Remittances reached AED 1.512 trillion in January, AED 1.449 trillion in February, AED 1.565 trillion in March, AED 1.592 trillion in April, AED 1.78 trillion in May, and AED 1.42 trillion in June 2024.
It is noteworthy that the Emirates Remittance System /UAEFTS/ It is the main transfer system, which was developed by the Central Bank of the UAE since August 2001, as this system facilitates the transfer of funds between the parties participating in the system instantly.
Central Bank statistics showed that the value of clearing cheques in circulation, using their images, amounted to 646.6 billion dirhams, distributed over 11.03 million cheques during the first half of this year.
The clearing of circulated cheques, using their images, was distributed as follows: AED 109.4 billion for approximately 1.965 million cheques last January, AED 106.7 billion for approximately 1.837 million cheques in February, AED 112.6 billion for approximately 1.855 million cheques in March, AED 92.9 billion for approximately 1.66 million cheques in April, AED 122.7 billion for approximately 2.01 million cheques in May, and AED 102.17 billion for approximately 1.689 million cheques last June.
Statistics showed that the value of cash deposits in the Central Bank reached 93.6 billion dirhams during the first half of this year, while the value of cash withdrawals from the Central Bank reached about 103.2 billion dirhams during the same period, including 103.19 billion dirhams in paper currency withdrawals, and 33.2 million dirhams in coins.
