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From: Inas Bahgat
ABU DHABI – The Central Bank of Egypt (CBE) recorded an 8.6% decline in its gold reserves in the first nine months of 2018 compared to December 2017.
According to Mubasher accounts, The Central Bank of the United Arab Emirates lost 99 million AED, or 26.949 million USD in the first nine months of this year, to reach AED 1.053 billion.
The central bank's gold balance at the end of 2017 was estimated at AED 1.152 billion.
Evolution of the gold reserve
During the first quarter of this year, The Bank's gold reserves were EUR 20 million, up 1.7% compared to the end of 2017.
To lose by the end of the second quarter of 2018AED 64 million, down 5.4% from AED 1.108 billion in the first quarter.
The bank's gold reserves continued to decline in the third quarter, Up 4.9% to AED 1.053 billion, compared with AED 55 million in the second quarter.
And in September aloneThe gold holdings of the central bank of the United Arab Emirates decreased by a value of 12 million AED at the end of September.
Data from the central bank indicate that its gold assets declined to AED 1.053 billion at the end of September, compared to AED 1.065 billion at the end of August 2018.
It should be noted that the Central Bank of the United Arab Emirates has decided to return to the formation of a gold balance in addition to the basket of foreign currency reserves, in April 2015.
After that, he pulled out of the World Gold Council lists of gold reserves of banks around the world.
United Arab Emirates and gold indicators
However, according to the recent World Gold Council report, the UAE ranks 74th in the world.
At the Arab level, the UAE ranked 11th with 7.5 tonnes of yellow metal, which equates to 0.3% of its total reserves.
Saudi Arabia, the largest Arab country, has acquired gold with 323.1 tons of gold, or 7.7 percent of its total reserves, but is also ranked 16th worldwide.
Second place in the Arab region was for Lebanon, where gold represents 19.5% of its total reserves or 286.8 tonnes of precious metal, but ranks 17th in the world.
Algeria ranked third in the Arab world and ranked 24th in the world with 173.6 tonnes of gold accounting for 7.1% of its total reserves.
While the United States remains the largest holder in the world of the world's largest precious metals reservesWith 81,133.5 tons, which represents about 73.4% of the total reserves of the country.
Germany is in second place with 3369.7 tonnes of gold, or 68.8% of its reserves, followed by the International Monetary Fund (IMF), which holds 2,814 tonnes of gold.
However, with regard to the purchase of gold, the central banks are Russia, Kazakhstan and Turkey who have purchased the most precious metals in the third quarter of this year.
Central banks have 33,695 thousand tons of gold in their reserves.
Many countries around the world are using gold to protect their financial markets because it is a safe haven for investing in times of market volatility.
appointments
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