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THE ECONOMY - CENTRAL BANK

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

Central Bank grants operating license to Anglo Irish Bank

Posted on 17/09/2005

The UAE Central Bank has granted a license to the Anglo Irish Bank, a leading global financial services provider, to operate in the UAE. The representative office banking license will take immediate effect, and it will allow the bank to offer its customers banking and wealth management services. (The Emirates News Agency, WAM) ...  >>MORE

UAE will decide on conversion of forex reserves into euros

Posted on 04/09/2005

The UAE Central Bank will decide this month whether it should convert some of its foreign exchange reserves into euros from dollars, Sultan Bin Nasser Al Suwaidi, Governor, said yesterday. He said the board will review the exchange rate between the greenback and the euro and make a decision. "The dollar-euro exchange rate is fluctuating and we haven't seen the end of fluctuations," he said. In July, a Central Bank official said the bank might convert five per cent of its foreign exchange ...  >>MORE

Central Bank assets touch Dh74.9 billion

Posted on 28/08/2005

The UAE Central Bank said on Saturday that the volume of its assets touched Dh74.96 billion by the end of the first half of the current year. These included Dh-49.15 billion in deposits, Dh22.218 billion in bonds retained till the maturity date, Dh975 million in advances and loans, Dh708.7 million in other assets and Dh120.4 million in fixed assets. As far as the bank's liabilities are concerned, the balance of the current accounts and deposits reached Dhs3.973 billion as at the end of June ...  >>MORE

UAE Central Bank raises interest rates on CoDs

Posted on 14/08/2005

Interest rates on Certificates of Deposit (CoDs) issued to banks operating in the UAE have been raised to cope with the new level of interbank interest rates on US Dollar deposits in international financial markets, it was announced here. A press release issued by the Central Bank on Saturday stated that the increase in interest rates had come into effect as from Wednesday 10/08/2005. CoDs are the mechanism through which interest rates on UAE Dirham are changed in the banking system, and which ...  >>MORE

Central Bank plans debt issue to control inflation

Posted on 13/08/2005

The UAE Central Bank said on Tuesday it planned to issue Certificates of Deposit (CDs) with maturities of up to five years to drain liquidity from a booming economy, helping keep a lid on inflation. The minimum value of the five-year CDs debt instruments that allow the government to borrow from banks will be Dh1 million ($272,300), the bank said in a statement sent to Reuters. Up to now the maximum maturity on the country's CDs has been 18 months. The current outstanding balance in the UAE ...  >>MORE

Central Bank assets and liabilities rise to Dh67.6 billion

Posted on 19/07/2005

The UAE Central Bank's assets and liabilities stood at Dh67.64 billion as of December 2004, compared to Dh54.50 billion in December 2003, according to the banks annual report released yesterday. The report says that its foreign currency assets and those of other banks in the UAE rose to Dh1.47 billion at the end of 2004. At the same time, deposits dropped by Dh6.47 billion, or 15.3 per cent, to Dh35.86 billion. Other assets rose by 161.1 per cent to Dh637 million, and fixed assets surged by ...  >>MORE

UAE follows global forex trend

Posted on 18/07/2005

A move by the UAE's Central Bank to switch 5 per cent of its foreign exchange reserves to euros from dollars follows a global trend and could be a step towards pegging a future currency to a basket of currencies, analysts said. It could also be a step towards possibly allowing the dirham to float marginally versus the dollar, they added. An official at the Central Bank governor's office said last week it may convert 5 per cent of its foreign reserves to euros from dollars but gave no ...  >>MORE

UAE in the midst of asset boom: IMF

Posted on 17/07/2005

Washington: The United Arab Emirates is in the midst of a real estate and asset price boom, fuelled by strong economic conditions in the Middle Eastern oil producer, the International Monetary Fund has said. "Monetary policy remains appropriately geared to containing inflation,” the IMF said in a regular review of the UAE. "While recent increase in asset prices are attributable in part to strong economic fundamentals, the authorities (should) closely monitor equity and real estate markets ...  >>MORE

UAE may convert 5% of forex reserves to euros

Posted on 13/07/2005

Dubai, London: The UAE may convert five per cent of its foreign exchange reserves to euros from dollars, a UAE central bank official said yesterday. "(The central bank) might convert five per cent of its foreign reserves to euros from dollars," an official at the central bank governor's office told Reuters, without giving further details. The UAE's comments come after Qatar's central bank told Reuters in June it was considering shifting some of its largely dollar-denominated currency ...  >>MORE

Central Bank raises interest rate on deposit certificate

Posted on 06/07/2005

The UAE Central Bank announced today it is raising from next Saturday the interest rate on deposit certificate it issues to banks operating in the country to match with the current interest rates in intra-banks transactions according to US dollar assets on the international markets. The Central Bank said the deposit certificate issued to banks operating in the country is the mechanism by virtue of which interest rates against the UAE Dirham is changed according to the banking system as the ...  >>MORE

Central Bank bans four national banks

Posted on 20/05/2005

The UAE Central Bank has penalised four national banks by banning them for violating its directives on funding IPO subscriptions from interest incurred by collected amounts of about AED228.84 billion In a press release issued today, the Central Bank said a report it prepared recently showed that all banks operating in the country had adhered strictly to the directives contained in the bank's secular no. 25/2005 except four national banks, which failed to comply with the rules. But the Central ...  >>MORE

World Bank ranks UAE first in governance among Mideast countries

Posted on 11/05/2005

The UAE has topped the World Bank's governance effectiveness list in the Middle East with a score of 86.1 per cent, followed by Oman with 79.3 per cent, according to the Bank's latest governance report released on Monday. Following closely was Qatar with 78.4 per cent, Bahrain with 75.5 per cent and Saudi Arabia with 55.3 per cent. Iraq scored 3.4 per cent, reflecting the country's turbulent political transformation. The World Bank defines governance as "the set of traditions and ...  >>MORE

Canada to deliver change to UAE customers

Posted on 11/05/2005

A shortage of change in shops is set to end with the release of a "huge" consignment of Canadian-minted coins to banks this month. The new coins are arriving following complaints by supermarkets they do not have enough change to give to customers. Officials at the UAE's Central Bank said all coin shortages should be over by the end of this month. Rashid Al Fandi, the Central Bank's executive director for banking operations, said problems had arisen because the use of coins had recently ...  >>MORE

Central bank assets increase

Posted on 08/05/2005

The total assets of the Central Bank touched Dh70.7 billion by the end of March. These included Dh1.004 billion in cash balances as well as balances with banks, Dh39.5 billion in deposits, Dh29.6 billion in bonds retained till maturity date, Dh111.2 million in fixed assets and Dh433.9 million in other assets. As far as liabilities are concerned, they included Dh22.44 billion in current accounts and deposits and Dh17.1 billion in deposit certificates. (The Gulf Today) ...  >>MORE

Central Bank renews call for strict adherence to financial loan directives

Posted on 04/05/2005

The UAE Central Bank has renewed its call to banks operating in the country to adhere strictly to its directives on loan grants for the purchasing of shares as indicated in the Central Bank's circular no. 25 of 2005. During a board meeting held yesterday and presided over by the Board Chairman, Mohammed Eid Al Mreikhi, the board urged the Central Banks' administration to prepare a study to figure out banks that violate the country's banking policies so that appropriate actions should be ...  >>MORE

Deals through UAE switch rises sharply

Posted on 12/04/2005

The Central Bank of the UAE yesterday announced a remarkable increase in number and value of financial transactions carried out electronically through the UAE switch during first quarter 2005. The total number of financial transactions increased to 5.250 billion financial transactions in the first quarter 2005, compared to 4.383 billion during the same period last year, showing an increase of 19.78 per cent. Also, the total value of financial transactions increased to Dh4, 194 billion in ...  >>MORE

UAE Central Bank freezes account after Dh42 million money transfer

Posted on 04/04/2005

The UAE Central Bank last month froze a suspicious account in an international bank in Dubai, the Central Bank governor said. This was done after an amount of £6.1 million (Dh42.51 million) was transferred from the UK to the account. "The account has been frozen fully so there is no loss of money. Investigations are going on,” Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, told Gulf News yesterday. Earlier speaking at a conference on Hawala, Younus Yousuf Al Moalem, an ...  >>MORE

Hawala Regulation regime is effective: Al Suweidi

Posted on 03/04/2005

UAE Central Bank Governor Sultan bin Nasser Al Suweidi said in Abu Dhabi yesterday that the regulations devised by the Central Bank to control and monitor for the "Hawala System" was effective in isolating unlawful "remitters". Addressing the third international conference on Hawala which opened yesterday, Al Suweidi said: "Building on the Abu Dhabi Declaration on Hawala, issued on 16th May 2002, we devised regulations for the "Hawala System" which were aimed at isolating unlawful "remitters". ...  >>MORE

UAE Central Bank raises interest rates

Posted on 26/03/2005

The UAE Central Bank announced Wednesday a hike in interest rates on Certificates of Deposit with immediate effect. The Bank said in a statement that the rise was in line with the new level of interbank interest rates on US dollar deposits in international financial markets. US Federal Reserve policy makers announced Tuesday a widely expected quarter-point hike in US interest rates. Certificates of Deposit, which the Central Bank issues to banks operating in the UAE, are the mechanism ...  >>MORE

Governor of UAE Central Bank receives Isle of Man Prime Minister

Posted on 21/02/2005

Sultan bin Nasser Al Suwaidi. Governor of the UAE Central Bank met in Abu Dhabi yesterday with the Honourable Donald Gelling. Prime Minister of Isle of Man, and the accompanying financial delegation, including, John Aspden, Chief Executive of the Financial Supervision Commission of Isle of Man. The Isle of Man Financial Supervision Commission (lOMFSC) is responsible for the licensing and supervision of banks, building societies, investment businesses (including independent financial ...  >>MORE

Central Bank profits surged 43pc in 2004

Posted on 16/02/2005

The UAE Central Bank reported a net profit of Dh801.9 million for the year 2004, sizeably up 43.4 per cent from the figure of Dh559.2 million for the previous year. The board of directors of the Central Bank that met here this week approved the balance sheet for the year ending December 31, 2004, and resolved to distribute 50 per cent of the net profit, amounting to Dh440.95 million, that will be transferred to the Ministry of Finance and Industry. An amount of Dh160.38 million, that ...  >>MORE

Central Bank ups CD rates

Posted on 06/02/2005

The Central Bank of the UAE yesterday announced hiking interest rates on Certificates of Deposit (CD's) which it issues to banks operating in the country. The rise in CD rates has been in line with the new level of interbank interest rates on US Dollar deposits in international financial market as from February 3. Certificates of Deposit which the Central Bank issues are the mechanism through which interest rates on UAE dirham are changed in the banking system and which banks use as an ...  >>MORE

UAE's private domestic liquidity rises by Dh18b

Posted on 14/01/2005

The private domestic liquidity rose by Dh18.15 billion, reaching Dh218.75 billion by the end of June 2004, as a result of the increase in both money supply and quasi-monetary deposits. The monetary indicators rose during the first half of 2004, with money supply growing by 21.9 per cent compared to the same period last year, said a report released by the UAE central bank here yesterday. The rise in monetary aggregates was an outcome of increase in all major components, as monetary deposits ...  >>MORE

UAE's financial transactions make remarkable improvement: Central Bank

Posted on 12/01/2005

The statistics of the UAE Switch for the year 2004 have shown a remarkable increase in number and value of financial transactions, carried-out electronically through the UAE Switch, it was announced here in Abu Dhabi yesterday by the Central Bank. A press release from the Central Bank said that the total number of financial transactions had increased to 18.133 million financial transactions in the year 2004, compared to 16.020 million transactions in the year 2003, representing an increase ...  >>MORE

Value of cheques presented in 2004 rises to Dh 430 billion

Posted on 09/01/2005

The Central Bank announced that the Clearing Hall statistics for 2004 have shown a marked increase in the total number and value of cheques presented for clearing. Also, returned cheques recorded a substantial decrease in number and value for the same year. The number of cheques presented for clearing at the Clearing Halls at branches of the Central Bank increased to 18.2 million, compared to 16.5 million in 2003. The total value of cheques presented in 2004 reached Dh 430 billion compared ...  >>MORE

Central Bank assets rise 7.4 per cent

Posted on 04/01/2005

The UAE Central Bank assets rose by 7.4 per cent to Dh66.3 billion in November compared with Dh61.8 billion by the end of October. The volume of its deposits (assets) increased to Dh33.31 billion by the end of November compared with Dh29.83 billion at the end of October, up by 11.7 per cent, according to the latest financial data disclosed by the Central Bank. The apex bank maintained bonds retained to maturity date at the same level of Dh29.56 billion as recorded in October. Its cash ...  >>MORE

Central Bank for transparency on interest rates

Posted on 22/12/2004

The UAE Central Bank will clamp down on the misleading way some banks advertise interest rates on various banking products, the Bank's governor said. "I know this is an area of confusion for many unsuspecting bank customers," Sultan Bin Nasser Al Suwaidi, the Bank's governor, told Gulf News. He was referring to the flat rates being advertised by some banks to encourage customers to take out loans. The issue is more pronounced for automobile loans, according to banking sources. Al Suwaidi ...  >>MORE

Central Bank raises interest rates on Certificates of Deposit

Posted on 17/12/2004

The Central Bank announced in Abu Dhabi on Wednesday that it has raised interest rates on Certificates of Deposit, which it issues to banks operating in the country, in line with the new level of interbank interest rates on US Dollar deposits in International Financial Markets. Certificates of Deposit, which the Central Bank issues to o 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 an ...  >>MORE

Ministry, Central Bank to discuss liberalising of the banking sector

Posted on 05/12/2004

The Ministry of Economy and Commerce will be soon holding a round of negotiations with the UAE Central Bank to liberalise the banking sector in the country in line with the World Trade Organisation (WTO) agreements. Sources in the Ministry stated that the UAE was expected to come up with a comprehensive stance by the end of March 2005 along those lines. The UAE which joined the WTO in 1996 had been exempted from liberalising its financial services for 10 years that will expire at the ...  >>MORE

Cash savings in UAE rise to Dh56.2b in H1

Posted on 22/11/2004

The UAE's monetary indexes rose in the first half of this year compared to the end of 2003. Local liquidity increased by nine per cent. This happened mainly because cash savings increased by Dh11.78 billion to reach Dh56.2 billion. Transacted cash increased by Dh1.01 billion to reach Dh14.7 billion at the end of June 2004. Total liquidity increased by Dh21.73 billion to reach Dh272.6 billion at the end of the first half of 2004 due to increases in local liquidity and increases in government ...  >>MORE

Central Bank raises interest rates on Certificate of Deposit

Posted on 26/09/2004

The Central Bank announced in Abu Dhabi yesterday that it has raised interest rates on Certificate of Deposit, which it issues to banks operating in the country, in line with the new level of interbank interest rates on US Dollar deposits in International Financial Markets as from last Wednesday. A statement issued by the bank said that Certificates of Deposits, which the Central Bank issues to banks operating in the country, are the mechanism through which interest rates on UAE Dirham are ...  >>MORE

New Dh50 notes to be put in circulation today

Posted on 01/09/2004

The UAE Central Bank has said that it would put in circulation a new Dh 50 note after it had completed reprinting it as part of effort to improve quality of its currency issues. 'Within a context of continued efforts to improve and enhance quality of its currency issues, by adopting advanced technical specifications and incorporating most up-to-date security marks and features, the bank has recently finalised reprinting of the 50 dirhams denomination currency note, a bank statement said ...  >>MORE

Central Bank assets rise

Posted on 31/08/2004

The UAE Central Bank assets rose by 9.5 per cent to Dh59.657 billion by the end of June from Dh54.502 billion at the end of 2003. Cash and balances of banks with the Central Bank rose over the first half of the current year from Dh421.1 million to 9.484 billion, while deposits dropped from Dh42.326 billion to dh34.508 billion. Assets generated from bonds retained up to maturity date rose from Dh11.201 billion to Dh14.874 billion, while the advances and loans provided by the Central Bank rose ...  >>MORE

UAE Central Bank raises interest rates on CD

Posted on 14/08/2004

The UAE Central Bank announced last Wednesday that it had increased interest rates on Certificates of Deposits (CD), which it issues to bank operating in the country by a quarter percentage point. A bank statement said the move was in line with the new level of inter-bank interest rates on US Dollar deposits in International Financial Markets as from Wednesday 11 August 2004. CD are the mechanism through which interest rates on UAE Dirham are changed in the banking system, and which banks ...  >>MORE

UAE Central Bank's assets grow 17.7pc

Posted on 03/07/2004

The UAE Central Bank's total assets grew by 17.7 per cent in the first quarter of this year with corresponding growth in deposits and other assets, the latest figures show. The total credit extended by UAE banks surged to Dh239.79 billion ending in March compared with Dh226.01 billion in December. Residents claimed most credit totalling Dh207.69 billion against Dh32.09 billion to non-residents. "The total assets of the Central Bank increased by Dh9.63 billion (17.7 per cent) to equal Dh64.13 ...  >>MORE

IMF praises UAE's policies

Posted on 30/06/2004

The International Monetary Fund (IMF) has praised the UAE for pursuing prudent macro-economic policies and an outward-oriented development strategy in its latest assessment on the country, while suggesting fiscal and tax measures to reduce its dependence on oil. The IMF executive board concluded Article IV consultation on Monday with the UAE in which it commended the country's growth-oriented policies. A copy of the report was obtained by Gulf News. Endorsing the pegged exchange rate regime, ...  >>MORE

Consolidated balance sheet of UAE banks registers 2.9 per cent increase

Posted on 30/06/2004

The consolidated balance sheet of the banks rose by Dh10.63 billion, or 2.9 per cent, in the first quarter of 2004. The UAE Central Banks quarterly bulletin issued yesterday stated that the total balance sheet of banks in the first four months of 2004 rose from Dh366.91 billion in the same period of 2003 to Dh377.53 billion. The bulletin said that credit and local investments were up by Dh12.03 billion, or 5.9 per cent, to Dh215.82 billion, noting that cash and deposits with the Central ...  >>MORE

Hawala system put in tighter control

Posted on 15/06/2004

Hawala operators or informal money remitters in the UAE are increasingly brought within the regulatory control of the Central Bank with greater transparency in the system, a senior official said. Over 100 Hawala dealers are registered with the Central Bank and the numbers continue to rise. "The number of applicants to obtain a hawaladhar certificate reached 129 of which 109 were issued certificates and the remaining 20 are in the process of compliance requirements," said Abdulrahim Mohammed ...  >>MORE

Central Bank to decide soon on allowing more foreign players

Posted on 08/06/2004

A decision on allowing branches of other GCC and foreign banks in UAE will soon be taken, according to Sultan bin Nasser Al Suwaidi, governor of the UAE Central Bank. He also touched upon other issues of banking while talking to the press on the sidelines of the first International Financial Reporting Standards conference yesterday. Referring to the issue of compliance with International Accounting Standards (IAS), Al Suwaidi said it would be better if all non-banking companies listed on the ...  >>MORE

Central Bank moves to diversify reserves

Posted on 08/06/2004

The Central Bank of the UAE, which has sold off its gold reserves to book profits last year, has started diversifying its currency reserves by including other currencies in its overall basket. Sultan bin Nasser Al Suwaidi, the Central Bank Governor, said the bank already holds some euros as part of its reserves and it may consider buying more, along with other currencies, in the future. The UAE dirham has always maintained dollar-heavy currency reserves. This is because the country's main ...  >>MORE

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Quick List

Al Suwaidi warns of sharp correction


Central Bank grants operating license to Anglo Irish Bank


UAE will decide on conversion of forex reserves into euros


Central Bank assets touch Dh74.9 billion


UAE Central Bank raises interest rates on CoDs


Central Bank plans debt issue to control inflation


Central Bank assets and liabilities rise to Dh67.6 billion


UAE follows global forex trend


UAE in the midst of asset boom: IMF


UAE may convert 5% of forex reserves to euros


Central Bank raises interest rate on deposit certificate


Central Bank bans four national banks


World Bank ranks UAE first in governance among Mideast countries


Canada to deliver change to UAE customers


Central bank assets increase


Central Bank renews call for strict adherence to financial loan directives


Deals through UAE switch rises sharply


UAE Central Bank freezes account after Dh42 million money transfer


Hawala Regulation regime is effective: Al Suweidi


UAE Central Bank raises interest rates


Governor of UAE Central Bank receives Isle of Man Prime Minister


Central Bank profits surged 43pc in 2004


Central Bank ups CD rates


UAE's private domestic liquidity rises by Dh18b


UAE's financial transactions make remarkable improvement: Central Bank


Value of cheques presented in 2004 rises to Dh 430 billion


Central Bank assets rise 7.4 per cent


Central Bank for transparency on interest rates


Central Bank raises interest rates on Certificates of Deposit


Ministry, Central Bank to discuss liberalising of the banking sector


Cash savings in UAE rise to Dh56.2b in H1


Central Bank raises interest rates on Certificate of Deposit


New Dh50 notes to be put in circulation today


Central Bank assets rise


UAE Central Bank raises interest rates on CD


UAE Central Bank's assets grow 17.7pc


IMF praises UAE's policies


Consolidated balance sheet of UAE banks registers 2.9 per cent increase


Hawala system put in tighter control


Central Bank to decide soon on allowing more foreign players


Central Bank moves to diversify reserves