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THE ECONOMY - CENTRAL BANK

Central bank cuts CD rates to curb dirham speculation

Posted on 03/04/2007

The UAE Central Bank's move to reduce the interest rate on certificates of deposit (CDs) is intended to mop up excess liquidity and dissuade overseas investors from speculating in the dirham, a banker said yesterday. The bank, which usually tracks United States Federal Reserve monetary policy, cut its one-month and one-week CD rates by five basis points, taking the one-month rate to five per cent and the one-week rate to 4.80 per cent. The Federal Reserve left the United States interest ...  >>MORE

UAE gets positive rankings for Hawala services

Posted on 19/03/2007

The UAE's compliance with the international standards of remittance services is very positive, according to senior officials. The International Monetary Fund's mission on the UAE financial sector, which departed on Tuesday, gave positive indications to the UAE authorities regarding the country's compliance with the Financial Action Task Force's (FATF) regulations assessment. "The remarks made by the mission were only related to secondary matters such as staffing or training. They gave no ...  >>MORE

No Hawala operators involved in money laundering case

Posted on 04/03/2007

The Central Bank Governor Sultan Nasser Al Suwaidi said yesterday that no Hawala operators were involved in the money laundering racket, recently arrested by Dubai Police. "The arrested gang members are not licensed Hawala operators," Al Suweidi said in a press conference in Abu Dhabi yesterday. He declined to give details about the amounts in question or whether any one from the banking sector is involved in the case, saying that investigations were still on. Last week, Dubaii Police ...  >>MORE

UAE rules out early currency revaluation

Posted on 04/03/2007

The UAE will not revalue its currency ahead of other GCC states, the Central Bank governor said yesterday. The continued decline of the dollar has weakened Gulf currencies, which are pegged to the greenback. Sultan Nasser Al Suwaidi said Gulf states will discuss whether to revalue their currencies at the April meeting of central bank governors. "We will not act unilaterally," Al Suwaidi said. "But if [the governors] come to the conclusion that we should go in this direction or that ...  >>MORE

UAE Central Bank freezes hawala operators' accounts

Posted on 26/02/2007

The UAE Central Bank has issued a notice to all banks and money exchange houses instructing them to freeze accounts of hawala operators and those involved in money laundering, a statement said. The move comes as Dubai Police launched a major crackdown on hawala operators last week resulting in a number of arrests in downtown Dubai, officials said. "The UAE Central Bank, in view of the reports received from Dubai Police General Headquarters, issued a notice to all banks and moneychangers, ...  >>MORE

GCC mulls Fed model

Posted on 14/01/2007

The UAE Central Bank said a simpler form of GCC monetary union would take place as planned by 2010, but ruled out the possibility of setting up a single central bank for the Gulf region. Instead of a single central bank, GCC Central Bank governors will soon be discussing two alternatives, which could include proposals to model the monetary union on the US Federal Reserve System, according to the Middle East Economic Digest (Meed). "You don't need (a single central bank) if monetary policy ...  >>MORE

UAE to convert 8pc of US dollar reserves to euro

Posted on 28/12/2006

New York – The United Arab Emirates will convert 8 per cent of its foreign-exchange reserves to euros from dollars from September after the US currency slumped this year, the country's central bank governor said. The UAE has started "in a limited way” to sell part of its dollar reserves, Sultan bin Nasser Al Suwaidi said in an interview in Abu Dhabi on December 24. "We will accumulate euros each time the market appears to dip,” as part of a plan to expand the country's holding of euros to 10 ...  >>MORE

UAE Central Bank set to post net profits of Dh 2.7 billion in 2007

Posted on 20/12/2006

Net profits of the UAE Central Bank are projected to reach Dh 2.7 billion in 2007, a bank statement said . The board of the UAE apex bank approved yesterday its 2007 budget which envisaged revenues at Dh 4.65 billion against expenditure of Dh 1.95 billion. The meeting, chaired by Mohammed Eid Al Maraikhi, gave its green light to systems for business and investment banks and referred them to the legal department to complete final amendments. (Emirates News Agency, WAM) ...  >>MORE

Inflation at 10%: Suweidi

Posted on 18/12/2006

Annual inflation in the UAE is running at 10 per cent but is set to fall next year, the central bank governor said on Sunday. Governor Sultan Nasser Al-Suweidi said inflation would cool next year as more housing became available. Soaring property prices and rents are a major driver of inflation in the UAE. A Reuters poll of analysts this month produced an average forecast of 9.9 per cent inflation in 2006 and 6.9 per cent in 2007. Commenting on monetary union, he said Gulf Arab states are ...  >>MORE

Domestic liquidity rises to Dh353.85b

Posted on 13/11/2006

The UAE Central Bank unveiled that the volume of the private domestic liquidity known as (M2) rose by 8.9 per cent during the first half of this year from Dh324.1 billion by the end of 2005 to Dh353.85 billion by the end of June 2006, while the volume of the total domestic liquidity known as (M3) rose by five per cent from Dh415.4 billion to Ds436.2 billion during the period of comparison. According to the latest statistics issued by the UAE Central Bank for the second quarter of this year, ...  >>MORE

UAE Central Bank's reserves US$25 billion

Posted on 31/10/2006

The UAE Central Bank's reserves amount to around US$25 billion, according to the Bank's Governor, Sultan bin Nasser Al Suweidi. In a press statement in Abu Dhabi yesterday, the Governor said the Central Bank was considering transferring 10% of its reserves into Euro. "The matter is still under consideration," he noted. Al Suweidi put the UAE current inflation between 6.5 and 7 per cent, but he expected the rate to decline to 4-5 per cent in the forthcoming period. (Emirates News Agency, WAM) ...  >>MORE

UAE bids for hosting GCC Central Bank

Posted on 31/10/2006

The UAE is bidding against Bahrain and Qatar to host the Central Bank of the Gulf Cooperation Council (GCC)when it is established, it was announced here today by the GCC Secretary General, Abdul Rahman Hamad Al Atiyya. Al Atiyya made the statement on the fringe of the GCC Central Governors Committee meeting held here in Abu Dhabi. He pointed out that preparation to issue a common GCC currency in 2010 is on course. He said today's meeting was one of the most significant ones to be held by the ...  >>MORE

Dirham undervalued by 12 per cent

Posted on 11/10/2006

The UAE dirham is undervalued by 12 per cent vis-à-vis the US dollar, a report said yesterday. Although the UAE currency is the least undervalued among the six GCC currencies, it is the one that least needs to be revalued, a Dubai Chamber of Commerce and Industry (DCCI) report released yesterday, said. "A reasonably undervalued currency is good for non-oil re-exports competitiveness, provided that it is not causing other serious economic problems to the economy," the report said. "Following ...  >>MORE

Governor denies statement on GCC central bank HQ

Posted on 24/09/2006

Sultan bin Nasser Al Suwaidi, Governor of UAE central bank announced yesterday that he did not give any statement regarding the central bank of Gulf Cooperation Council countries during the International Monetary Fund/World Bank meetings in the beginning of this week in Singapore. On September 17 a Bloomberg report quoting a faxed statement from the central bank said that the rulers of GCC states agreed that the GCC central bank will be based in Abu Dhabi. Although the central bank ...  >>MORE

UAE Central Bank Governor receives excellence award

Posted on 20/09/2006

Sultan bin Nasser Al Suwaidi, Governor Central Bank of the UAE, was yesterday presented with the award for 'Central Bank Governor of the Year for the Middle East' by Emerging Markets at the annual meeting of International Monetary Fund/World Bank in Singapore. This prestigious award has been given in recognition of the positive contribution and outstanding achievement of the governor in strengthening the financial system and promoting regional and international cooperation. Emerging Markets ...  >>MORE

GCC Central Bank to be located in Abu Dhabi

Posted on 19/09/2006

The UAE will host the headquarters of the GCC Central Bank, the country's top banker said yesterday. Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, also said a future common GCC currency should not be pegged to the US dollar. Al Suwaidi was speaking to reporters in Singapore after receiving the Central Bank Governor of the Year Award for the Middle East by Emerging Markets. He said the GCC states have already agreed to base the new GCC Central Bank in Abu Dhabi. The GCC ...  >>MORE

Governors of Central Banks in GCC begin meeting in Abu Dhabi

Posted on 10/09/2006

Governors of Central Banks in Gulf Cooperation Council (GCC) began their 41st meeting in Abu Dhabi yesterday under the chairmanship of Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank. In his inaugural speech, Al Suweidi said the meeting would discuss, among other issues, the organisational and legal framework for the GCC's monetary authority in addition establishment of a GCC bank. "The European Central Bank, at the behest of the GCC Secretariat, has finalised a draft for ...  >>MORE

UAE personal debt jumps 64 per cent to Dh100 billion

Posted on 02/08/2006

Every man, woman and child residing in the country owed UAE banks on average Dh23,834 at the end of 2005, according to new statistics of the UAE Central Bank. The statistics show that outstanding personal debt in the UAE shot up 64 per cent in 2005 over the previous year to nearly Dh100 billion. The Central Bank said total personal debt for business and consumption purposes reached Dh97.72bn by the end of December, higher than the Dh59.59bn recorded in 2004. These numbers are up 115 per ...  >>MORE

Money supply surges to Dh104bn to fuel inflation

Posted on 01/08/2006

The amount of money circulating in the UAE surged 29 per cent in 2005 over 2004 to Dh104.45 billion, the Central Bank's just-released year-end monetary statistics reveal. This massive rise further confirms steep inflation across the country, analysts said. On the back of higher oil revenues due to the climbing price of crude, the money supply – which includes currency, notes and coins in circulation and monetary deposits in local currency – reached Dh104.45bn last year, from Dh80.82bn the ...  >>MORE

UAESwitch transactions rise sharply

Posted on 31/07/2006

The UAE Central Bank announced that UAESwitch's statistics for the second quarter of 2006 have shown a remarkable increase in the number and value of financial transactions carried out electronically through the system. The total number of financial transactions has risen by almost 500,000 to 6.062 million in the second quarter of 2006, compared to 5.587 million transactions in the same period of 2005, representing an increase of 8.51 per cent. The total value of the financial transactions ...  >>MORE

UAE Central Bank awaits the right time to buy euros

Posted on 03/07/2006

The UAE is sticking with plans to convert up to 10 per cent of its currency reserves into euros but is waiting for a trend to develop in the currency, the central bank said yesterday. The UAE announced plans earlier this year to diversify its mostly dollar-denominated reserves, which stood at $23 billion in December, into euros, and markets are waiting for news of when this will happen. Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, told reporters on the sidelines of a conference ...  >>MORE

UAE Central Bank issues Dh 32 billion-deposit certificates

Posted on 19/06/2006

The UAE Central Bank has issued deposit certificates valued Dh 32 billion in the past period in a bid to control liquidity in the country, according to an official at the bank. "The duration of certificates issued extends between one week and 18 months," said Saif Hadif Al Shamsi, executive director of Treasury, Central Bank. Speaking to reporters on the sidelines of a seminar on mutual funds and related regulations held at the Central Bank's premises here on Sunday, Al Shamsi said the Bank ...  >>MORE

UAE is a pioneer in combating financial crimes: Central Bank official

Posted on 11/06/2006

The UAE has been a pioneer in establishing the legal and regulatory framework to combat financial crimes, a senior UAE Central Bank official has said. "We are pioneers in the global efforts to combat financial crimes and the country also exerts substantial interest in cooperating with the international efforts in this respect. The UAE Central Bank is particularly meticulous in dealing with various financial operations", said Abdul Rahman Mohammed Al Awadi, Assistant Executive Director and ...  >>MORE

UAE Central Bank proposes limit on stock subscriptions

Posted on 30/05/2006

The governor of the UAE Central Bank has proposed that a maximum limit be set on subscription of new public issues to solve some of the problems witnessed recently in the UAE stock market. Addressing a seminar organised in the capital yesterday by the Abu Dhabi Chamber of Commerce and Industry, Sultan Bin Nasser Al Suwaidi said the move would provide a safety valve so that share prices do not become overvalued during the initial offer period. The move would also prevent oversubscriptions by ...  >>MORE

Central Bank seeks report on banks' market exposure

Posted on 10/05/2006

The Central Bank of UAE has issued a circular addressed to all banks operating in the country to report their exposure to the stock market. Banking industry sources yesterday confirmed the receipt of a circular dated May 7 which has asked all banks operating in the country to give full details of their loans outstandings and guarantees given to both institutional and individual investors. From now on, the banks, financial institutions, brokerages and those finance companies operating under ...  >>MORE

Money supply up 29.2%

Posted on 29/04/2006

The Central Bank has said that money supply on the local market rose by 29.2 per cent from Dhs80.8 billion by the end of 2004 to Dhs104.4 billion by the end of 2005. The local liquidity rose in the market by 33.8 per cent from Dhs242.2 billion to Dhs324.1 billion while the total local liquidity in the broad sense of the word rose by 36.5 per cent from Dhs304.2 billion to Dhs415.4 billion, the Central Bank said. According to the latest monetary and banking statistical data issued by the ...  >>MORE

UAE Central bank to boost Euro's share up to 10% of reserves

Posted on 05/04/2006

UAE Central Bank Governor Sultan bin Nasser Al Suwaidi has confirmed that the bank is still considering the boosting of the Euro's share of its foreign currency holdings to up to 10%. In a press statement, Al Suwaidi said that 98% of the UAE foreign currency reserves are in US dollar with only 2% are in the euro. (Emirates News Agency, WAM) ...  >>MORE

Central Bank increases interest rates

Posted on 03/04/2006

The UAE Central Bank has increased yesterday interest rates on deposit certificates being issued by banks in the country. According to a Central Bank statement, the move is to match with the new interest rates in inter-banks transactions as per the US dollar assets on the international market beginning from last Wednesday. The statement said the deposit certificates issued by banks in the country are the mechanism through which interest rates to the UAE Dirham change according to the ...  >>MORE

"Inflation set to slow in 2006": Central Bank Governor

Posted on 14/03/2006

A decline in housing prices will slow inflation in the United Arab Emirates to 4 per cent or lower in 2006, UAE-based Khaleej Times quoted Sultan bin Nasser Al Suwaidi, the country's central bank governor as saying. "Inflation is a temporary issue in the UAE," Suwaidi said. "We expect that it will drop (this year) to the same level as the rest of the GCC countries." Suweidi said the non-oil sector, which he said accounts for 65 per cent of the UAE's GDP, would continue with a strong growth of ...  >>MORE

Central Bank plans domestic bond market

Posted on 14/03/2006

The UAE Central Bank plans to jumpstart a domestic bond market with the help of banks to develop a debt market and create new investment options for the public, the Central Bank governor said. "We feel that developing debt markets in the UAE is a critical area and the critical mass required to reach the take-off stage for developing the country's debt market has not been attained yet," said Sultan Bin Nasser Al Suwaidi. "What we need to do now, is to issue at the Central Bank guidelines to ...  >>MORE

Central Bank Governor expects 8% Economic Growth

Posted on 13/03/2006

UAE Central Bank Governor expects an economic growth of "no less than 8%" and a recess of inflation to 4% during the current year. Governor Nassir Saleh Al Suwaidi made these forecasts after inaugurating a Central Bank-sponsored symposium on the UAE securities market. "The anticipated decline in inflation is based on an expected recess in real estate rents due to an abundant supply of residential units which will become palpable in the third quarter of this year", he said. Al Suwaidi said ...  >>MORE

Central Bank to measure compliance with bank corporate governance

Posted on 06/03/2006

The UAE Central Bank will adopt a system to classify banks according to their commitment to the bank corporate governance. "The Central Bank is considering implementation of corporate governance systems and Basel 2 compliance in the banks operating in UAE by the next year," Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank told reporters following opening of a conference here today on Developing a National Reform Agenda for Bank Corporate Governance. According to Al Suweidi, the ...  >>MORE

Apex Bank's profits rise 122.7 per cent in 2005

Posted on 15/02/2006

The UAE Central Bank has announced that its net profits grew by 122.7 per cent in 2005 to Dh1.8 billion from Dh802 million in 2004. 'Assets and liabilities amounted to Dh80.4 billion at the end of 2005 compared to Dh67.6 billion at the end of 2004,' the bank said in a press release yesterday. The apex bank also decided to distribute net profit as follows: 50% or Dh893.1 million to be transferred to the Ministry of Finance and Industry, 20% or Dh357.2 million to Sheikh Zayed Housing Program ...  >>MORE

UAE Central Bank dispels fears about stock credits

Posted on 27/12/2005

The UAE Central Bank has reassured market that overdraft credits offered by the banks to individuals for investment in local stock markets are within acceptable limits of risk. "There isn't a single case where the limit of risk poses any concern to us," said Sultan bin Nasser Al Suwaidi, Governor, Central Bank. He estimated the bank funding volume in exchange for stock mortgage at around Dh 10 billion as per recent statistics. In a statement on Monday, Al Suwaidi denied that the Central Bank ...  >>MORE

UAE Central Bank and IFC sign reforms advisory

Posted on 27/12/2005

The UAE Central Bank (CB) and the International Finance Corporation (IFC), the private sector arm of the World Bank, on Monday signed an Advisory Agreement to support corporate governance reforms in the UAE's banking sector. "This is the first project of its kind in the UAE in that it aims to strengthen corporate governance in the banking sector. We expect the project to send a strong signal about the banking sector's commitment to further improve upon its corporate governance practices and ...  >>MORE

Hawala transactions tightly regulated, says Central Bank

Posted on 04/10/2005

The UAE's Hawala or informal money remittance system is tightly regulated with 153 Hawaladhars registered with the Central Bank, a senior official said yesterday. So far we have received 170 applications from Hawaladhars and 153 have been registered. We are in the process of registering the remaining 17," Abdul Rahim M. Al Awadi, said assistant executive director of the Anti-Money Laundering and Suspicious Cases Unit. The 17 applications are pending as some requirements need to be ...  >>MORE

Central Bank Governor calls on financial institutions to focus on internal procedures

Posted on 03/10/2005

UAE Central Bank Governor Central Bank Sultan bin Nasser al Suweudi has called on banks and other financial institutions to refocus their efforts on their internal procedures, controls and on-the job training of their staff, to safeguard their institutions and the Banking System as a whole against Money Laundering and Terrorist Financing. Addressing a seminar on "Legal and Regulatory Framework implementing Anti- Money Laundering (AML) and Combating of Terrorist Financing (CTF),” Suweidi ...  >>MORE

UAE Central banks raises interest rates on Certificates of Deposits

Posted on 23/09/2005

The Central Bank announced that it has raised interest rates on Certificates of Deposit, which it issues to banks operating in the UAE in line with the new level of interbank interest rates on US dollar deposits in international Financial Markets as from Wednesday 21 Sep. Certificates of Deposit, which the Central Bank issues to banks operating in the UAE, are the mechanism through which interest rates on UAE Dirham are changed in the banking system, and which banks use as benchmark for ...  >>MORE

Central Bank Governor receives Canadian Minister

Posted on 20/09/2005

UAE Central Bank Governor Sultan bin Nasser Al Suweidi received here Monday James Peterson, Canadian Minister for International Trade. The meeting discussed ways of promoting financial and banking cooperation between the two countries. Trends of the global economy were also reviewed during the meeting Suweidi predicted in remarks after the meeting that the UAE economy would record a 20 per cent growth this year. (The Emirates News Agency, WAM) ...  >>MORE

Gulf central banks create reserve to back single currency

Posted on 19/09/2005

Gulf central banks are creating a reserve to support their single currency that is on track to be launched by 2010, the UAE Central Bank Governor said yesterday. But although technical issues have been resolved, the six Gulf states have yet to resolve political issues, he said. "In order to support the unified Gulf currency, the central banks are creating a Monetary Authority Reserve. The reserve is going to be equivalent to four months of imports of each GCC country,” Sultan Bin Nasser Al ...  >>MORE

Al Suwaidi warns of sharp correction

Posted on 19/09/2005

The UAE Central Bank Governor yesterday expressed concerns about asset prices and capital flows into real estate and stock markets and cautioned that a sharp correction was imminent. Sultan Bin Nasser Al Suwaidi said spiralling rents were a major cause of inflation. "Asset prices [mainly real estate and stocks] are a concern for me at this point and we should do something about it. "And investment funds that went into the real estate market are creating excess capacity and if this excess ...  >>MORE

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Quick List

Central bank cuts CD rates to curb dirham speculation


UAE gets positive rankings for Hawala services


No Hawala operators involved in money laundering case


UAE rules out early currency revaluation


UAE Central Bank freezes hawala operators' accounts


GCC mulls Fed model


UAE to convert 8pc of US dollar reserves to euro


UAE Central Bank set to post net profits of Dh 2.7 billion in 2007


Inflation at 10%: Suweidi


Domestic liquidity rises to Dh353.85b


UAE Central Bank's reserves US$25 billion


UAE bids for hosting GCC Central Bank


Dirham undervalued by 12 per cent


Governor denies statement on GCC central bank HQ


UAE Central Bank Governor receives excellence award


GCC Central Bank to be located in Abu Dhabi


Governors of Central Banks in GCC begin meeting in Abu Dhabi


UAE personal debt jumps 64 per cent to Dh100 billion


Money supply surges to Dh104bn to fuel inflation


UAESwitch transactions rise sharply


UAE Central Bank awaits the right time to buy euros


UAE Central Bank issues Dh 32 billion-deposit certificates


UAE is a pioneer in combating financial crimes: Central Bank official


UAE Central Bank proposes limit on stock subscriptions


Central Bank seeks report on banks' market exposure


Money supply up 29.2%


UAE Central bank to boost Euro's share up to 10% of reserves


Central Bank increases interest rates


"Inflation set to slow in 2006": Central Bank Governor


Central Bank plans domestic bond market


Central Bank Governor expects 8% Economic Growth


Central Bank to measure compliance with bank corporate governance


Apex Bank's profits rise 122.7 per cent in 2005


UAE Central Bank dispels fears about stock credits


UAE Central Bank and IFC sign reforms advisory


Hawala transactions tightly regulated, says Central Bank


Central Bank Governor calls on financial institutions to focus on internal procedures


UAE Central banks raises interest rates on Certificates of Deposits


Central Bank Governor receives Canadian Minister


Gulf central banks create reserve to back single currency


Al Suwaidi warns of sharp correction