U.A.E. Central Bank Foreign Assets Decline $12 Billion - Bloomberg Business

U.A.E. Central Bank Foreign Assets Decline $12 Billion - Bloomberg Business:

"The United Arab Emirates central bank’s foreign assets fell by $12 billion in January from the previous month as the Arab world’s second-biggest economy grapples with falling oil prices and bets against its currency.
Foreign assets declined to 296.9 billion dirhams ($81 billion) from 341.1 billion dirhams, according to data posted on the central bank’s website. Cash, bank balances and deposits with banks abroad dropped almost 30 percent to 122.2 billion dirhams, while investments in held-to-maturity foreign securities and other foreign assets increased, according to the data.
Oil producers in the six-nation Gulf Cooperation Council, which includes Qatar, Kuwait and the biggest Arab economy of Saudi Arabia, are seeing their public finances deteriorate as crude prices hover near 12-year lows. Net foreign assets of the Saudi Arabian Monetary Agency, the kingdom’s central bank, have fallen in the 11 months to December as the country sought to bridge its budget deficit."



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