The Central Bank’s gold reserves grew 22.1% year-on-year, reaching AED20.467 billion in June 2024, up from AED16.768 billion the previous year. The growth reflects an increase of AED3.7 billion, with gold reserves rising 12.8% in the first half of the year.
The banking sector also saw a rise in employment, with 37,811 employees by the end of June, up by 1,074 from June 2023. National banks employed 31,628 people, while foreign banks had 6,183 employees.
The number of licensed commercial banks in the UAE reached 61, consisting of 23 national banks and 38 foreign banks, with 554 branches in total.
Banking transactions processed through the UAE Funds Transfer System (UAEFTS) exceeded AED9.32 trillion in H1 2024, a 16% increase from AED8.01 trillion in the same period last year. The value of cleared cheques reached AED646.6 billion across 11.03 million cheques.
Cash deposits at the Central Bank totaled AED93.6 billion, while cash withdrawals amounted to AED103.2 billion during H1 2024.
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