Surge in Arab central bank deposits: AMF

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Arab central banks more than doubled their deposits with the Arab Monetary Fund (AMF) in 2008 and the bulk of the deposits were channelled into bank deposits and securities abroad.

From around $2.66 billion (Dh8.3bn) at the end of 2007, the deposits with the AMF by 17 Arab central banks jumped to nearly $5.63bn at the end of 2008, the Abu Dhabi-based financial institution said in its annual report, obtained yesterday.

It showed the bulk of those deposits were placed in bank deposits and "safe investment tools" abroad in line with the AMF's "conservative" investment policy.