The UAE Central Bank's foreign currency assets increased 1.5 percent to AED322.4 billion during the month of May from AED317.44 billion in April, according to statistics released Tuesday by the bank.

The surge is attributable to the rise in UAE banking balances and deposits overseas from AED147.85 billion in December to AED215.66 billion by the end of May.

In the meantime, foreign securities held at the bank until their maturity date during the same period continued to depreciate from AED149.34 billion to AED101.46, with other foreign assets following suit from AED13.72 billion to AED5.29 billion by the end of May.

The bank's total assets in May amounted to AED382.1 from AED364.45 in December 2016.

As per the CB statistics, deposits increased to AED95.1 billion during the month of May, while investment portfolios held until their maturity date fell to AED150.62 billion, loans and debts down to AED3.2 billion and other assets to AED2.61 billion.

Source: WAM