The net international reserves of the UAE banking sector increased by 8.0 percent, equivalent to Dh91 billion, during the first five months of the year, reaching Dh1.236 trillion by the end of May, up from Dh1.145 trillion at the end of last year, as per data from the Central Bank of the UAE (CBUAE).

Statistics indicated that the CBUAE's share of these reserves stood at Dh763.8 billion by the end of May, reflecting a 13 percent growth from Dh673.42 billion at the end of 2023. Meanwhile, the net international reserves of UAE-based banks expanded by 1.0 percent to Dh472.68 billion by the end of May, compared to Dh472.2 billion at the end of December 2023.

The apex bank's gold reserves amounted to Dh20.619 billion by May 2024, marking a 19.7 percent year-on-year increase from Dh17.219 billion in May 2023. The Monthly Statistical Bulletin — Banking & Monetary Statistics for May 2024 highlighted a 1.3 percent monthly rise in gold reserves from Dh20.36 billion in April 2024.

Over the past years, the UAE's gold reserves have notably increased, reaching Dh12.862 billion by the end of 2020 from Dh4.44 billion by the end of 2019, and Dh1.134 billion in 2018.

In the first five months of 2024, the value of transactions processed through the UAE Funds Transfer System (UAEFTS) surged to Dh7.9 trillion, representing a 17 percent year-on-year increase from Dh6.748 trillion in the same period of 2023. These transactions comprised Dh4.968 trillion for interbank transfers and Dh2.93 trillion for customer-to-customer bank transfers.

The Central Bank recorded Dh1.512 trillion in transactions in January, Dh1.449 trillion in February, Dh1.565 trillion in March, Dh1.592 trillion in April, and Dh1.78 trillion in May. Additionally, the value of cheques cleared through the Image Cheque Clearing System (ICCS) totaled Dh544.4 billion, involving 9.33 million cheques during the first five months of 2024.

The ICCS processed Dh109.4 billion worth of cheques in January, Dh106.7 billion in February, Dh112.6 billion in March, Dh92.9 billion in April, and Dh112.7 billion in May. Furthermore, cash deposits at the Central Bank during the first five months of the year amounted to Dh75.1 billion, with cash withdrawals totaling Dh88.17 billion, including Dh88.1 billion in banknote withdrawals and Dh29.8 million in coin withdrawals.