Dubai: The value of foreign assets owned by the Central Bank of the UAE (CBUE) rose to 392.4 billion dirhams in the first quarter of 2021. According to the CBUE, the value of assets increased by 1.1 per cent in the fourth quarter of last year. During the one-year period between March 2020 and March 2021, the CBUE’s foreign assets grew by 0.4 per cent.
Foreign equity holdings of CBUE increased by AED 85.9 billion and foreign assets by 25.7 per cent (AED 9.2 billion). At the same time, CBUE’s currency account balances and deposits with foreign banks fell by 26.1 per cent (Dh90.7 billion).
Abu Dhabi’s financial market index rose an average of 17 percent in the first quarter on two of the country’s stock markets. The average market capitalization of companies listed on the Abu Dhabi Securities Exchange rose by 101 billion dirhams to 826 billion dirhams by the end of the first quarter. Shares of Abu Dhabi traded up 74.7 per cent to 50.3 billion dirhams in the first quarter. Meanwhile, the Abu Dhabi Stock Exchange index fell 3.3 percent year-on-year.
The Dubai Stock Exchange index gained an average of 9.2 percent in the first quarter. The average market capitalization of companies listed on the Dubai Financial Market rose by 25.2 billion dirhams to 353.9 billion dirhams. Shares traded up 4.8 percent to AED 15.4 billion. Meanwhile, the Dubai Stock Exchange index fell 14.1 percent year-on-year.
At the same time, money supply M1, which includes cash and deposits traded outside banks, rose 7.1 per cent. On an annual basis, it has increased by 18.4 per cent. Along with M1, Money Supply M2, which includes residents’ dirhams and deposits in foreign currencies, rose 0.6 per cent.