UAE sees assets depreciate by a third

The value of the assets held by Central Bank of the United Arab Emirates fell by almost a third last year, the central bank revealed on Tuesday.

Leading news agencies reported on Tuesday that the value of the central bank's assets had fallen by 32% from Dh285.9 billion ($77.8 billion) in 2007 to Dh193.7 billion ($52.7 billion).

The fall follows a 177% expansion in the central bank's balance sheet from 2006 to 2007.

The central bank also said that its profit had risen from Dh3.78 billion ($1.0