Big spending, big troubles? UAE foreign assets plummet, new central bank data shows
UAE's Central Bank released the new data this week (Courtesy of Emirates 247)
Reuters reported Tuesday that the United Arab Emirates central bank's foreign currency assets fell to Dh269 billion ($73.2 billion) in October 2013 from $284.3 billion the previous month.
The drop represents the largest fall since 2009. The report says that the drop was "due to a [decrease] in deposits...despite a rise of foreign security holdings."
Central bank data shows that UAE's foreign assets in September 2013 were at their highest level since 2007, and foreign securities holdings rose to a record high of 149 billion in October.
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