UAE – Mubasher: The Central Bank of the UAE has raised its gold reserves by AED 302 million to AED 639 million by the end of July, up from AED 347 million by the end of June, recent data has revealed.

The central bank also raised its foreign currency reserves by 1.4% or AED 3.8 billion to reach AED 274.3 billion by the end of July, up from AED 270.5 billion in the previous month.

The bank is consistently trying to rebuild its gold and foreign currency reserves, the data showed, adding that the the bank’s gold assets remain low, even after doubling during July. Gold reserves now account for 0.194% of the central bank’s total assets, up from 0.1% by the end of June.

Total assets retreated to AED 329 billion by the end of July, compared to AED 331.26 billion by the end of June, according to the bank’s data.