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THE ECONOMY - CENTRAL BANK

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

Dirham peg to dollar will stay: Suweidi

Posted on 29/10/2001

The UAE has ruled out discontinuation of the Dirham peg to the U.S. dollar - at least in the short term - stating that the UAE cannot unilaterally take such a decision. "The dollar peg of currencies is in the GCC agreement. It will not change and will remain fixed to the dollar," said Sultan bin Nasser Al Suweidi, UAE Central Bank governor, yesterday. Nothing is fixed permanently and everything is subject to change, he noted. "But any change will be a joint GCC decision," he told a gathering at ...  >>MORE

Banks too may have to record details of transferors of over Dh2,000

Posted on 22/10/2001

The UAE Central Bank is likely to direct the country's banks to maintain complete details of persons transferring equivalent or more than Dh2,000 in any currency outside the UAE. Sources said that the latest initiative from the Central Bank is part of the anti-money laundering drive by the UAE government. The apex bank had earlier directed all the exchange houses in the country to take details of persons remitting or transferring Dh2,000 or more in any other currencies. Bankers in the ...  >>MORE

Suweidi sees fall in UAE banks' profits

Posted on 17/10/2001

Banks in the UAE may witness a drop in their profits for the current year, Sultan bin Nasser Al Suweidi, Governor of UAE Central Bank, hinted yesterday. If this happens, this will be the first time in recent history, that banks would see drop in their profits -year on year. "Despite the general slowdown in the economy, banks have been able to maintain the previous year's performance until September. However, this has been reversed, inevitably by the terrorist attack which took place on ...  >>MORE

Suwaidi sees no terrorist assets in UAE

Posted on 13/10/2001

The UAE does not expect to find any terrorist organisation or leader having assets here, Sultan bin Nasser Al Suwaidi, governor of the UAE Central Bank, said yesterday. Furthermore, there will be no more additions to the anti-money laundering law issued on Tuesday, he stated. While investigations by financial institutions in the UAE are continuing - after the U.S. sent a new, detailed list of suspected names - Al Suwaidi indicated that these were aimed primarily at ruling out any such ...  >>MORE

BoP posts 85.2% rise in 2000

Posted on 11/09/2001

The UAE's balance of payments in 2000 increased by 85.2 per cent to touch Dh10.4 billion against Dh5.6 billion in the previous year, according to a report published by UAE Central Bank. The bank's annual report for 2000 said current account surplus rose from Dh12.8 billion in 1999 to Dh42.6 billion in 2000. The surplus in trade balance rose in 2000 by 167.6 per cent to reach Dh46.7 billion, and this was mainly attributed to the upward trend in crude prices and the resulting increase in the ...  >>MORE

UAE Central Bank, Comtrust ink deal

Posted on 28/08/2001

The UAE Central Bank and Comtrust have signed an agreement to line the e-commerce system with the UAE Switch network, thus facilitating electronic payments for Comtrust transactions. The line will enable Comtrust to facilitate payments for purchase of goods and services through electronically secure direct debts requests. Payment requests will be passed to the UAE Central Bank and inter-payment will be made through the UAE Switch network, according to a Comtrust statement. The UAE Central Bank ...  >>MORE

Central Bank deposits rise

Posted on 26/08/2001

The total assets/liabilities of the UAE Central Bank increased marginally by 1.9 per cent to touch Dh51.09 billion at the end of March 2001 compared with Dh50.14 billion at the end of December 2000. In a report published by the Central Bank, on the assets side, deposits rose by Dh17.15 billion to reach Dh45.24 billion. Meanwhile, held-to-maturity securities dropped by Dh15.42 billion to touch Dh4.77 billion. Similarly, current and call accounts dropped by Dh364 million to Dh215 million, and ...  >>MORE

Central Bank deposits rise

Posted on 25/08/2001

The total assets/liabilities of the UAE Central Bank increased marginally by 1.9 per cent to touch Dh51.09 billion at the end of March 2001 compared with Dh50.14 billion at the end of December 2000. In a report published by the Central Bank, on the assets side, deposits rose by Dh17.15 billion to reach Dh45.24 billion. Meanwhile, held-to-maturity securities dropped by Dh15.42 billion to touch Dh4.77 billion. Similarly, current and call accounts dropped by Dh364 million to Dh215 million, and ...  >>MORE

Central Bank issues balance sheet report

Posted on 22/08/2001

Central Bank issues balance sheet report The balance sheet of the UAE Central Bank, including the Bank's assets and liabilities, have recorded a rise of Dh10.9billion between the end of December 1999 and December 2000, a report from the Central Bank said. The report showed that the Bank recorded Dh50billion by the end of December 2000 as against about Dh39billion by the end of December 1999, representing a rise of 27.8 per cent. According to the report, deposits on assets rose to ...  >>MORE

UAE Central Bank launching real-time settlement system

Posted on 19/08/2001

The country's banking industry is about to get them into Real Time Gross Settlement System, a move that would not only allow efficient and immediate inter-bank fund transfers in the UAE, but also add dynamism and vibrancy to the local market. A UAE Central Bank circular earlier this month said that the new Fund Transfer System will go live with effect from next week or August 25 with a group of banks with which the Central Bank had been testing the system for the past few months. The banks ...  >>MORE

UAE Central Bank pilots new credit risk model

Posted on 14/08/2001

The UAE Central Bank is piloting a new risk model, which once implemented will change the entire process of risk mapping for the country's banking industry. The implementation of this model called "End to End Credit Risk Management Process" would also bring the UAE banking industry at par with the best risk managed systems in the world. Talking to this paper, Mark Markani, banking supervisor, Central Bank of the UAE and head of risk review working group, described the new risk model as a ...  >>MORE

Central Bank-UAE economy-report

Posted on 23/07/2001

The UAE Economy achieved a remarkable growth in recent years. The Gross Domestic Product, GDP, distributed according to expenditure (in purchaser's value and in current prices) rose from AED 131.22 billion in 1993 to AED 242.82 billion in 2000, at an average annual rate of growth, AARG, of 9.2 per cent. In a report released by the UAE central Bank, the domestic demand, however, which comprises the final consumption, the fixed capital formation, ad the change in stocks, grew at 7.7 per cent ...  >>MORE

Central Bank hits out at money laundering report

Posted on 21/05/2001

The UAE Central Bank has clarified that media reports about the U.S. classifying the UAE in the second category in relations to money laundering is incorrect and lacks credibility. "Money laundering in the UAE is minimal by international standards because the UAE implements right punishment for crimes that would yield dirty money,” the Central Bank said yesterday. "In connection to what has been issued on May 9, 2001, in some Arabic and English language newspapers, that there is a U.S. report ...  >>MORE

Central Bank cuts interest rates for CDs

Posted on 19/05/2001

The Central Bank yesterday announced a reduction in interest rates on Certificates of Deposit (CDs) to match interbank rates on U.S. dollar deposits on international financial markets. This move is likely to result in lowering the cost of financing economic activities, the Central Bank said. "Interest rates on CDs which it (the Central Bank) issues to banks operating in the country have been reduced to the new level of interbank interest rates on U.S. dollar deposits in international financial ...  >>MORE

Cheque book to be frozen in case of repeated dud cheques

Posted on 12/05/2001

Minister of Justice, Islamic Affairs and Awqaf Mohammed bin Nukhairah Al Dhahiri, has made it clear that a cheque book held by an account holder will be withdrawn by court order if his cheques are dishonoured twice or thrice. The court can fix a period of not less than one year for such suspension, he said. Dhahiri said withdrawal of chequebooks is one of several solutions for mounting problem of cheques being dishonoured due to lack of funds. The provision for withdrawal of chequebooks is ...  >>MORE

Liquidity in 2000 Q4 rises 9.4%

Posted on 18/04/2001

UAE Central Bank on Tuesday said the overall liquidity (M3) situation in the country rose 9.4 per cent thanks to the increase in private domestic liquidity and a rise in government deposits in the fourth quarter of 2000. A quarterly figures for October-December 2000 published by the bank pegged M3 at Dh157.03 billion, rising by Dh13.54 billion. Domestic liquidity (M2) in the fourth quarter of last year was at Dh127 billion, up 5.7 per cent or Dh6.89 billion, the report said. The bank said ...  >>MORE

E-banking for smaller banks soon: Suwaidi

Posted on 10/04/2001

A common e-banking facility will be put in place at a cost of Dh30 million in the next six to seven months to put smaller banks on a level paying field with their larger counterparts, UAE Central Bank Governor Sultan bin Nasser Al Suweidi said. He said the Central Bank is currently working with a group of smaller banks to set up the e-banking facility, which will enable the smaller banks to compete in the e-banking playing field with larger competitors. He said the cost of setting up the ...  >>MORE

Central Bank reserves stay high

Posted on 24/03/2001

The UAE Central Bank is sitting on relatively high reserves that can meet at least five months of imports, according to Sultan bin Nasser Al Suwaidi, Central Bank Governor. Dwelling on the UAE's financial strength, Al Suwaidi also underscored the fact that the country does not have any domestic public debt that would absorb government receipts for servicing it. On the dirham's fixed pegging to the dollar, he said this has over time benefited the country as the purchasing power of the ...  >>MORE

Central bank posts profits of dhs1.61b

Posted on 18/02/2001

The UAE Central Bank has reported a net profit of Dhs1.61 billion; the highest recorded by the institution, for the period ended Dec. 31, 2000. The bank, whose board met under the chairmanship of Mohammed Eid Al Meraikhi, announced that assets and liabilities stood at Dhs50.12 billion. The board also reviewed results achieved by banks operating in the UAE at the end of Dec. 31, 2000. According to these results, net profits of the banks increased to Dhs4.7 billion compared to Dhs3.36 billion ...  >>MORE

UAE studies licensing more foreign banks

Posted on 12/02/2001

The UAE is considering allowing more foreign banks to operate in the country after a virtual freeze on new licences, the Central Bank Governor says. "The internal structure is strong and able to face any foreign competition,” local newspapers quote Sultan Nasser Al Suwaidi as saying. "There is no longer any fear of opening the financial and banking sector to foreign firms, but that decision lies in the hand so of the Central Bank board of directors,” he added. The UAE has around 20 local ...  >>MORE

Central Bank to cut interest rates on CDs

Posted on 06/02/2001

The UAE Central Bank is in the process of slashing interest rates on certificates of deposit (CDs) in line with the successive cuts in US interest rates, banking sources said. According to sources, the central bank is currently implementing daily gradual cuts on interest rates to maintain the rates at par with US interest rates. Sources said that the Central Bank slashed the interest rates on CDs by 0.5 per cent in early January following the sudden interest rate cut by the US Federal Reserve. ...  >>MORE

UAE tightens exchange house rules

Posted on 24/01/2001

In a move to bring about better regulation, the Central Bank has stipulated that the minimum capital must be Dh50 million for a new exchange house with limited liability or an existing exchange house changing its status to a limited liability company (LLC). This capital must be deposited in a special account in a local bank and the Central Bank will have a lien on it. Under Central Bank regulations for money exchange houses, the minimum capital is Dh1 million for only money exchanges and Dh2 ...  >>MORE

New rules governing bank operations take effect

Posted on 03/01/2001

As of January 1, national banks are required to set up a credit committee, formulate a corporate standards manual and adopt a new administrative structure specified by the Central Bank. National banks must also form a credit committee through a board resolution with a minimum of five members, and certain issues must be approved through a board resolution. The Central Bank specified that an administrative structure is the best safety net against risks, therefore banks are expected to take ...  >>MORE

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