Big spending, big troubles? UAE foreign assets plummet, new central bank data shows
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.
- Time for some serious contemplation: Middle East firms face $91bn refinancing needs
- What's really holding Islamic Banking back?
- The rise of the Chinese renminbi: an unmatched opportunity for Qatar?
- Why, despite their emerging status upgrade, the UAE and Qatar still count as frontier markets
- How Egypt plans to deal with $20 billion worth of arbitration cases brought by foreign investors against it