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UAE cuts holdings of US Treasury bonds in May

UAE cuts holdings of US Treasury bonds in May
The UAE came in the 22nd place among holders of the US sovereign debts

By: Mahmoud Gamal

UAE – Mubasher: The UAE has reduced its holdings of US Treasury bonds by 4.5% month-on-month, or $2.5 billion, in May to $53.2 billion from $55.7 billion, data by the US Department of the Treasury showed.

The GCC state’s investment in the US debt instruments dropped by 6.3%, or $3.6 billion, last May, compared to holdings of $56.8 billion as at 31 December 2018, the US department added in a recent report.

The UAE came in the 22nd place among holders of the US sovereign debts, while China topped the list with $1.11 trillion followed by Japan with holdings of $1.10 trillion.

At the level of Arab states, the UAE came in the second spot after Saudi Arabia which led the list as the top holder of US government bonds in the Arab world with holdings of $179 billion, the report highlighted.

 

Translated by: Mai Ezz El-Din