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THE ECONOMY - CENTRAL BANK

Central Bank assets rise in last quarter of 2002

Posted on 05/05/2003

The total assets/liabilities of the Central Bank increased by Dh5.02 billion (10 per cent) to equal Dh55.27 billion at the end of December 2002, against Dh50.25 billion at the end of September 2002. The bank's newly released quarterly bulletin for the period October to December 2002, showed that on the assets side, held-to-maturity securities reached Dh5.51 billion at the end of the quarter under study. Likewise, current and call accounts increased by Dh8 million to reach Dh228 million. ...  >>MORE

New UAE banking law to come into effect this year

Posted on 24/04/2003

The UAE's new banking law will come into effect later this year, after being delayed due to the anti-money laundering law which needed more attention, a top Central Bank official said yesterday. Significantly, the UAE Central Bank has begun issuing licences to hawala operators in an effort to record transactions relating to money transfers. Sultan bin Nasser Al Suwaidi, governor of the UAE Central Bank, said on the sidelines of the Joint Meeting of Arab Ministers of Trade and Finance that the ...  >>MORE

UAE Central Bank to back Kuwaiti dinar

Posted on 31/03/2003

The UAE Central Bank has embarked on a repurchase scheme for the Kuwaiti dinar in order to support the value of Kuwaiti currency in the wake of the war on Iraq. Though the bank has not commenced the repurchase operations in Dubai, it is learnt that it has already started the repurchase in Abu Dhabi. The exchange houses in Dubai expect that the Central bank will soon begin the repurchase here. In a circular sent to exchange houses and banks, the treasury department of the Central Bank has ...  >>MORE

More secure Dh100 note

Posted on 26/03/2003

The Central Bank announced yesterday it would issue a new Dh100 note which is more secure but carrying most of the features of the previous note. The bank has finalised reprinting the banknote which includes designs of a falcon head, a fort, coffee pot and numerals. The falcon's head appears on the left side of the front of the note and on the right side of the back, becoming visible when the note is viewed against direct light. This note will be put in circulation as legal tender along with ...  >>MORE

Central Bank unveils new risk review process

Posted on 02/03/2003

The UAE Central Bank yesterday introduced a more scientific end-to-end risk review process for banks, incorporating the Basle 2 requirements. The new scheme has been piloted at 17 banks over the last 18 months. Commencing this month, the Central Bank's Banking Supervision and Examination Department will adopt the risk-based methodology as its banking supervisory process. The methodology will review management of credit, market and operational risks covering end-to-end processes. The new ...  >>MORE

GCC states pursue plans for landmark currency union

Posted on 15/02/2003

GCC states are pushing ahead with plans to create an historic EU-style single currency at the end of this decade and give birth to one of the biggest economic alliances in Asia following the enforcement of the historic customs union early this year. The six member countries have assured their private sector leaders that they have embarked on measures to bridge the gap in their economic and fiscal systems to pave the way for the monetary union which they target in 2010. Heads of the GCC ...  >>MORE

GCC capable of introducing single currency by 2010: Official

Posted on 17/12/2002

Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank said here yesterday that GCC countries have the ability to introduce a single currency by the year 2010. +The GCC countries are quite capable of introducing a single currency by 2010, which could pave the way for a single Arab currency+ said Al Suweidi in remarks at the inaugural session of a two-day Symposium on Systems of Exchange Rates, organised by Arab Monetary Fund. He added that the GCC had earlier taken a political decision ...  >>MORE

UAE NATIONAL DAY REPORT 2002 - Central Bank

Posted on 30/11/2002

UAE GDP growth put at 8.4pc; oil sector grows 7.7pc This is the statement made by Mohammed bin Eid Al Muraikhi, Chairman of the UAE Central Bank, to mark National Day. In order to reduce the impact of oil price fluctuations on the country's economy, the UAE in 2001-2002, has adopted an economic policy that depends on diversified sources of income. However, oil remains the major source of income as the country has oil and natural gas reserves sufficient for a further 200 years. At the same ...  >>MORE

UAE Central Bank cuts interest rate by 0.5 per cent

Posted on 10/11/2002

The UAE Central Bank said yesterday it has cut its interest rate by half per cent to 1.25 per cent, the eighth such cut since the beginning of the year. "The Bank has decided to cut the interest rate to match the new US dollar interest rate in international markets,” the bank said in a statement. (The Khaleej Times) ...  >>MORE

Central Bank begins registering hawala operators

Posted on 04/11/2002

In a first step towards regulation of hawala, the UAE Central Bank has embarked on a registration and reporting system for hawaladars or brokers. "The Central Bank will start registering and issuing a simple certificate to all hawala brokers (hawaladars) in the UAE, free of charge. The Central Bank of the UAE assures hawala brokers that their names and details will be kept safe at the Central Bank," an announcement from the UAE Central Bank said yesterday. Accordingly, hawala brokers should ...  >>MORE

GCC states eligible for single currency: Suwaidi

Posted on 26/10/2002

Gulf Co-operation Council (GCC) member states have the capacity to launch their unified currency since they meet the five international economic conditions required for such a move, UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said. In a statement to reporters on Friday, Suwaidi pointed that the six GCC states had not been affected by last year's Sept. 11 events for "they had been cushioned by a strong global demand for their oil and gas that has not receded ever since." Suwaidi was ...  >>MORE

Suwaidi says fight dirty money from source

Posted on 09/09/2002

UAE Central Bank Governor Sultan Al Suwaidi stressed that GCC countries were committed to fighting money laundering and were exerting intensive efforts to fight this international phenomenon. In statements in Manama, Suwaidi said: "Fighting money laundering must start from the source countries which export such dirty money. GCC countries, although do not have sources of such money, have the laws and legislation required for fighting such operations and putting an end to them. They are also ...  >>MORE

UAE rejects Al Qaeda gold transfer report

Posted on 08/09/2002

MANAMA - The UAE rejects US reports that Al Qaeda network and the Taleban have used Dubai as a transiting point for smuggling gold from Pakistan to other countries, the Governor of UAE's Central Bank, Sultan bin Nasser Al Suwaidi, said yesterday. "This is all Press allegations... we don't believe there is anything (smuggling)," he said. Al Suwaidi said UAE airports are fitted with metal detectors and it would be easier for these terror organisations to smuggle dollars than gold. Al ...  >>MORE

UAE to watch Saudi funds closely

Posted on 03/09/2002

Money exchange houses in the UAE, apart from banks, have also been directed by the country's Central Bank to keep a close watch on inflows from Saudi Arabia. The measure is being implemented on the request of the Saudi Arabian Monetary Agency, the kingdom's central bank. Banks will soon be provided a list of accounts by the Central Bank which should not receive any transfers from Saudi Arabia, "in order to avoid abuse of these accounts," the Central Bank said. Banks have been instructed to ...  >>MORE

Q1 money supply rises 8.3% to hit Dhs42.76b

Posted on 11/08/2002

Money supply (M1) expanded by 8.3 per cent at the end of the first quarter of 2002 to touch Dhs42.76 billion against Dh39.46 billion at the end of the fourth quarter of 2001, the UAE Central Bank said in a latest statistical bulletin. A review of the components of money supply (M1) indicates monetary deposits increased 10.1 per cent to Dh31.84 billion, and currency with the public rose by 3.6 per cent to Dh10.9 billion. The report said the total foreign liabilities of the banking sector ...  >>MORE

UAE Central Bank monitoring dollar

Posted on 03/08/2002

The UAE Central Bank is studying the steady fall in the value of the U.S. dollar and is at the same time consulting with other central banks in the Gulf, which are affected by it, according to banking sources. But the sources also ruled out rumours that the UAE Central Bank might change the policy of linking dirhams to dollars in the near future. They said the present crisis was a transitional one since the U.S. administration said the economy would recover in autumn and grow at 3-3.5 per ...  >>MORE

High-level panel on auditing set up

Posted on 24/07/2002

The Ministry of Economy and Commerce has set up a high level committee under the audit laws with representatives from the Ministry of Finance, Central Bank, state audit institutions, Accountants and Auditors Association (AAA) of UAE, and also members from private sector. The committee will explore ways to improve the auditing profession in the country. In the meantime, the ministry is currently working on a set of directives for the audit firms in the country in a view to making these firms ...  >>MORE

Central Bank profits fall amid steep decline in interest rates

Posted on 21/07/2002

A steep decline in interest rates slashed the net profits of the UAE Central Bank by nearly a third in 2001, but its deposits with other banks almost doubled, its balance sheet showed. From Dh1.61 billion (US$438 million) in 2000, the bank's net profits dived to around Dh1.11 billion (US$302 million) in 2001, showed the 2001 report. The decline was caused mainly by a drop in earnings from interest after a sharp fall in global rates over the past year, with such earnings retreating to around ...  >>MORE

Landmark ruling on freezing accounts

Posted on 18/07/2002

The Dubai Court of Cassation has issued a landmark ruling stating that instructions from the Central Bank to freeze the accounts of a client at a local bank are not enough, if the subject bank does not seek action from the proper legal body to implement the freeze, "Gulf News" reported today. The ruling is based on a lawsuit submitted to the Dubai Court of First Instance by a client against his bank, seeking Dh120 million in damages for alleged material and moral injuries, as well as 12 per ...  >>MORE

UAE boosts spending by $2b to stimulate economy

Posted on 18/07/2002

The UAE boosted spending by more than $2 billion in 2001 despite lower revenues in a bid to stimulate the domestic economy and meet its internal and external financial commitments, official figures showed yesterday. he consolidated financial account, which comprises federal spending and the local budget of each emirate, increased to around Dh93.7 billion in 2001 from nearly Dh84.06 billion in 2000, the Central Bank said in its 2001 bulletin. Revenues receded to around Dh67.9 billion from ...  >>MORE

UAE Economy fares well: Central Bank

Posted on 17/07/2002

The UAE economy recorded a significant growth during the year 2001, despite a decline in crude oil revenues due to recess in oil prices, according a UAE Central Bank report released here today. The monetary and credit policies adopted by the authorities resulted in a consistent balance between domestic liquidity growth rate and non-oil Gross Domestic Product (GDP), said the report. Gross Domestic Product rose to Dh217 billion during 2001, recording a 1.3 per cent growth against the previous ...  >>MORE

Keep close vigil, UAE tells auditors

Posted on 14/07/2002

The UAE has told auditors to be more careful when they check the records of banks and other financial institutions to ensure they are not involved in suspect operations as it intensifies a drive to prevent any money laundering activity. In a circular, the Ministry of Economy and Commerce said all auditing firms in the UAE should comply with new instructions regarding the auditing of statements by financial establishments and warned they would be considered accomplices in such a crime. The ...  >>MORE

UAE's foreign assets 'surge to nearly US$14.27b'

Posted on 29/06/2002

Strong oil prices have allowed the UAE to consolidate its financial position abroad over the past few years - and the trend is expected to be maintained in the near future as the government pursues plans to build up foreign reserves. Figures by the International Monetary Fund showed UAE's foreign assets surged to nearly Dh52.4 billion (US$14.27 billion) at the end of 2001 from Dh42.7 billion (US$11.6 billion) at the end of 2000 and nearly Dh34 billion (US$9.2 billion) at the end of 1998. ...  >>MORE

UAE is regulating money transfer system : Al Suweidi

Posted on 11/06/2002

The United Arab Emirates, UAE, is in the process of devising a licensing and supervisory system for money transfer, known as Hawala , the Central Bank said here yesterday . Sultan bin Nasser Al Suweidi, Governor of the Central Bank , told a press conference, arranged in honour of Clarie Lo , the chairwoman of the Financial Action Task Force, FATF, who is currently visiting UAE, that the new system will be submitted to the Bank's board of directors in consultation with the National Committee for ...  >>MORE

Hawala operators to be licensed

Posted on 28/05/2002

Hawala operators or 'hawaladars' in the UAE will soon be licensed and regulated, following a study by the UAE Central Bank. The move comes on the heels of an international Hawala conference held in the capital this month. "The UAE Central Bank board studied the main themes of a licensing and supervisory system for 'Hawala' in the UAE. That would be implemented in the near future," the Central Bank said yesterday. The Central Bank board held its fourth meeting this year on May 26 under the ...  >>MORE

Positive aspects for Hawala highlighted

Posted on 17/05/2002

The Hawala system of money remittance has proved to be useful with many positive aspects, but it should be regulated so that the system is not abused by criminal elements, international regulators and law enforcement agencies agreed yesterday. The Abu Dhabi Declaration on Hawala adopted yesterday said "the international community should continue to work individually and collectively to regulate the Hawala system for legitimate commerce and to prevent its exploitation or misuse by criminals and ...  >>MORE

UAE urges world to isolate Hawala system abusers

Posted on 16/05/2002

The UAE yesterday called on the international financial and monetary community to isolate abusers of Hawala system in order to launder money and evade exchange controls. ' Our challenge is to isolate those who operate with criminal intent as well as criminal effect while bringing those who inadvertently find themselves on the wrong side of the law under a system of proper regulation,' said Sultan bin Nasser Al Suweidi, Governor of UAE Central Bank, in keynote address to the International ...  >>MORE

Suwaidi calls for practical steps to counter Hawala

Posted on 15/05/2002

Governor of UAE Central Bank, Sultan bin Nasser Al Suwaidi, urged the world's financial community to deliver practical solutions to the challenges posed by the Hawala system of overseas money transactions. Speaking on the eve of a two-day international conference on Hawala, scheduled to be begin in the capital today, he said that the event will lend an opportunity to dispel certain myths that have developed, particularly in the West, about the way the Hawala system operates in this region. ...  >>MORE

Central Bank may set up credit bureau

Posted on 14/05/2002

The UAE Central Bank has had talks with financial institutions, both local and international, about the possibility of setting up a credit bureau in the country, confirmed a senior market source. The bureau would offer third-party assessment of an individual's credit risks, and has been a long standing demand from the financial market here, the official added. "The Central Bank has been gathering ideas from the institutions, which would contribute to the framework and make such projects ...  >>MORE

UAE to host global forum on Hawala system

Posted on 09/05/2002

The UAE Central Bank announced yesterday that it would sponsor an international conference on Hawala system from May 15 to 16 at the Abu Dhabi Beach Hotel. The focus will be on the hidden Hawala not the recorded type. A bank press release said that approximately thirty countries will be participating, including countries from the region, the USA, Western Europe and Asia. It has been announced that Mr Nigel Dudley (London) has been appointed as a press coordinator. The conference programme is ...  >>MORE

UAE Central Bank assets at Dh50.3b

Posted on 17/04/2002

UAE Central Bank assets dropped by 3.1 per cent over the first two months of 2002 totalling Dh50.3 billion compared with Dh51.8 by December 2001. According to recent statistics released by the Central Bank, deposits dropped from Dh50.896 billion by the end of December 2001 to Dh48.577 billion by February 2002, recording a drop of 4.6 per cent. Current and on demand accounts rose to Dh218 million by the end of February compared with Dh212.9 million in December 2001, while loans and advances ...  >>MORE

Afghan bank opens normal UAE account

Posted on 28/03/2002

The Central Bank of Afghanistan has opened a bank account in the UAE, having fulfilled various stipulations of the UAE Central Bank, the governor, Sultan bin Nasser Al Suwaidi, has confirmed. "The Central Bank of Afghanistan opened a normal account a few days ago. It can be a dollar account, dirham or any currency account," he told Gulf News. Asked if UAE is extending any credit to Afghanistan, he said "at this point of time, none has been extended." Earlier, in his keynote address at a ...  >>MORE

UN permission required for opening accounts for Afghanistan's Central Bank

Posted on 14/02/2002

UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said today that a United Nations decision would be required before the UAE Central Banks grants permission for opening new local accounts in favour of the Central Bank of Afghanistan. Commenting on a request made earlier this week by the Central Bank of Afghanistan for opening two new accounts locally in its name, Suwaidi said that the Afghanistan Central Bank's accounts were initially frozen on a request by the United Nations and ...  >>MORE

Central Bank deposits surge USUS$6.5b

Posted on 24/12/2001

The Central Bank has boosted its deposits by nearly USUS$6.5 billion at the expense of its investments in equities, according to its bulletin. By end-October, deposits totalled Dh51.73 billion (US$14.1 billion) compared with nearly Dh28 billion (US$7.6 billion) at end-2000, the figures showed. The increase was at the expense of bond investments, which dived to Dh1.8 billion (US$490 million) from Dh20.19 billion (US$5.5 billion). Total assets grew 8.8 per cent to Dh54.57 billion (US$14.85 ...  >>MORE

UAE banks 'asked to freeze 30 accounts'

Posted on 19/11/2001

The UAE Central Bank has asked commercial banks to freeze the assets of 30 companies listed in the country, the Arabic language daily Al Bayan reported yesterday. In a circular to the UAE's 47 national and foreign banks, the Central Bank said the assets of those institutions should be immediately frozen. Al Bayan published the text of the circular which identified the parties as: The Authorised Insurance Brokers, Al Ahmed Trade Enterprises, Europe-Asia General Trading Co, Al Umaraa General ...  >>MORE

UAE freezes assets of 62 terror organisations

Posted on 15/11/2001

On 8 November, as part of the international fight against terrorism, the UAE Central Bank instructed banks, moneychangers, investment companies, financial institutions, the insurance sector and financial markets operating in the UAE, to find and freeze the accounts of 62 entities, including Al Baraka, and 11 names related to it. ...  >>MORE

Central Bank cuts rates on CDs

Posted on 10/11/2001

The Central Bank on Wednesday reduced interest rates on certificates of deposits (CDs). The rate has been fixed to the new level of interbank rates on US dollar deposits on the international financial markets, according to reports in the UAE' dailies. The bank, in a statement, said certificates of deposits are the mechanism through which interest rates on UAE dirhams are reduced or raised. The banks use this mechanism as an indicator for accepting deposits as well as for extending loans. The ...  >>MORE

UAE records remarkable surplus in balance of payments

Posted on 06/11/2001

The UAE Central Bank today said that the country recorded a surplus of Dh10.4 billion, or 85%, in the balance of payments in the year 2000 compared to 1999. According to the Bank's economic bulletin issued today, exports rose by 35% to Dh121.8 billion due to the increase in oil prices which averaged at Dh27.2 per barrel compared to Dh17.6 in 1999. The value of crude oil exports surged from Dh42.2 billion in 1999 to Dh73.4 billion in 2000, realising an increase of 62.3 percent. Gas exports made ...  >>MORE

Dh50 commemorative silver coin issued

Posted on 03/11/2001

The Central Bank in the UAE is issuing a Dh50 commemorative silver coin today to mark the silver jubilee of the Arab Bank for Investment and Foreign Trade. The country's name is written in both Arabic and English. The denomination is on the face of the coin, while the back has the occasion's logo, said Abdul Rahim Abdulla, chief supervisor, public relations division. The coin is 40mm in diameter, 40gm in weight and is made of 92.5 per cent silver and 7.5 per cent copper. The commemorative coin ...  >>MORE

Central Bank board discusses laundering law amendments

Posted on 31/10/2001

The Board of Directors of the UAE Central Bank held its seventh meeting here yesterday under the chairmanship of Mohammed Eid Al Muraikhi, Chairman of the Board. The Board has approved minutes of the previous meeting as well as decisions taken therein. The Board discussed proposed amendments to the Central Bank's anti-money laundering system in light of the current circumstances, which require increased vigilance and caution, and endorsed those amendments, which will soon be circulated to ...  >>MORE

Suweidi says no money laundering in UAE

Posted on 29/10/2001

Governor of the UAE Central Bank Sultan bin Nasser al Suweidi has said that there was no money laundering operations in the UAE. In a lecture he delivered at the Zayed Centre for Co-ordination and Follow Up under the title "UAE Monetary Policy and Economy", Al Suweidi said that money laundering needed a big market and the UAE was not a big market and that money generated from drugs was almost non-existent. He added that other crimes such as robbery and piracy which were considered as good ...  >>MORE

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Quick List

Central Bank assets rise in last quarter of 2002


New UAE banking law to come into effect this year


UAE Central Bank to back Kuwaiti dinar


More secure Dh100 note


Central Bank unveils new risk review process


GCC states pursue plans for landmark currency union


GCC capable of introducing single currency by 2010: Official


UAE NATIONAL DAY REPORT 2002 - Central Bank


UAE Central Bank cuts interest rate by 0.5 per cent


Central Bank begins registering hawala operators


GCC states eligible for single currency: Suwaidi


Suwaidi says fight dirty money from source


UAE rejects Al Qaeda gold transfer report


UAE to watch Saudi funds closely


Q1 money supply rises 8.3% to hit Dhs42.76b


UAE Central Bank monitoring dollar


High-level panel on auditing set up


Central Bank profits fall amid steep decline in interest rates


Landmark ruling on freezing accounts


UAE boosts spending by $2b to stimulate economy


UAE Economy fares well: Central Bank


Keep close vigil, UAE tells auditors


UAE's foreign assets 'surge to nearly US$14.27b'


UAE is regulating money transfer system : Al Suweidi


Hawala operators to be licensed


Positive aspects for Hawala highlighted


UAE urges world to isolate Hawala system abusers


Suwaidi calls for practical steps to counter Hawala


Central Bank may set up credit bureau


UAE to host global forum on Hawala system


UAE Central Bank assets at Dh50.3b


Afghan bank opens normal UAE account


UN permission required for opening accounts for Afghanistan's Central Bank


Central Bank deposits surge USUS$6.5b


UAE banks 'asked to freeze 30 accounts'


UAE freezes assets of 62 terror organisations


Central Bank cuts rates on CDs


UAE records remarkable surplus in balance of payments


Dh50 commemorative silver coin issued


Central Bank board discusses laundering law amendments


Suweidi says no money laundering in UAE