Tuesday 24 November 2020 - 10:13:06 am

Net international reserves up 1.1 pct to AED353.15 bn in August


ABU DHABI, 18th October, 2020 (WAM) -- Net international reserves in the United Arab Emirates grew 1.1 percent during August, 2020, to AED353.15 bn from AED349.25 bn in July, according to the statistics shown by the Central Bank of UAE.

The balance of foreign securities, and other foreign assets increased to AED12.66 bn and AED32.43 bn, respectively during the same month.

When a country has a considerable amount of international reserves, foreign investors can more reliably look forward to investing in the country’s market as they are backed with a good amount of foreign reserves. Therefore, a good amount of foreign exchange reserve increases the confidence in the monetary and exchange rate policy of the government.

WAM/Hatem Mohamed/Tariq alfaham