UAE Central Bank FX reserves increase, remain undiversified :: FX Street

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The United Arab Emirates central bank announced a 19% increase in its FX reserves to $25.1 bln at end of Q2, while clarifying it had not yet gone along with diversifying its reserves. Less than a month ago, the central bank said it would shift 10% of its reserves from US dollars to euros and gold to alter its 98% USD/2.0% EUR proportion.