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FINANCIAL NEWS
UAE Central Bank’s foreign assets up USD9.5b
27 Feb 2011
(MENAFN) UAE Central Bank’s balance sheet, which was released this week, showed that the bank’s foreign assets hiked to USD42.3 billion in January 2011, up from USD32.8 billion in January last year, reported Emirates 24/7.
The central bank stated that the USD9.5 billion growth in its foreign assets, mainly in investments in foreign securities, records a 29 percent increase, which is good recovery from the bank’s asset’s great fall in 2008 which amounted to USD46 billion.
However, the banks asset’s losses in 2008 were preceded by the bank scoring its highest asset growth so far which reached a record USD77.6 billion near the end of 2007.
It is worth noting that despite the bank’s assets increase; it suffered a decline in its deposits abroad which dropped to less than half by going down from USD22.4 billion to USD10.2 billion.
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