Abu Dhabi – Mubasher: The Central Bank of the United Arab Emirates (CBUAE) has raised the value of gold reserve by AED 17 billion, or 1.5% during the first four months of 2018.

Gold reserve stood at around AED 1.169 billion last April, compared to AED 1.152 billion in the same month a year earlier, according to data released by the CBUAE.

On monthly basis, the value of the precious metal slashed by nearly AED 3 million in April, versus AED 1.172 billion at the end of March 2018.

In and for the first time in eight years, the Central Bank of the UAE decided to resume forming gold reserves and reporting their data on a monthly basis, after reserves ran out in the second half of 2007.

In April 2017, the CBUAE had decided to recreate gold reserves for the first time in eight years since 2007.