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UAE’s banks raise foreign assets by AED24 billion

Focused on diversifying their portfolios, sector took advantage of significant decline in interest rates globally

Banks operating in the UAE have raised their foreign assets during the current year, adding foreign assets worth AED23.7 billion during the first seven months, which represents an increase of 4.77 per cent.

The banks focused on diversifying their portfolios, taking advantage of the significant decline in interest rates globally, reports UAE-based Aliqtisadi.

The latest statistics released by the Central Bank shows that the total foreign assets of the UAE’s banking sector by the end of July 2015 amounted to AED521.06bn, down by AED14.91bn from June.

The banking sector’s foreign assets were distributed between AED127 million in banknotes, securities and coins by the end of July, AED133m by the end of June 2015, in addition to roughly AED161m by the end of 2014.

It is noteworthy that the foreign assets of the banks operating in the country included nearly AED116.19bn investments in securities at the end of July 2015.