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

  • Country holds about 6 percent of global crude reserves
  • U.A.E. faces bets against its currency amid oil's drop
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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.