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THE ECONOMY - CENTRAL BANK

Central Bank deposits double

Posted on 08/10/2013

The UAE Central Bank more than doubled its deposits with other banks in the first eight months of 2013 while its "held-to-maturity-investments” dipped by more than two per cent following a sharp rise in the previous months. The decline in investments did not affect the Central Bank's overall assets, which swelled by nearly 7.2 per cent to reach one of their highest levels at the end of August. Deposits with other banks hit an all-time high of around Dh94.6 billion at the end of August ...  >>MORE

Central Bank of UAE kicks off Direct Debit System from 5th October

Posted on 02/10/2013

Further to an earlier communication in April this year, the Central Bank of the UAE has announced that registration of banks and finance companies into the direct debit system has been completed, and all banks and finance companies are now ready to embark on to the first phase of using the system beginning on October 5th, 2013. A direct debit is a safe and convenient method of making payments and is ideally suited for making regular payments with fixed or variable amounts electronically. An ...  >>MORE

Non-oil growth may hit 4.5%

Posted on 30/09/2013

The UAE's non-oil economic growth is all set to reach four per cent with a strong possibilities of touching 4.5 per cent this year on the back of strong performance put up by the service and tourism sectors, UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said. He stressed that the progress made by the UAE helped in overcoming the effects of the global economic crisis, and pointed out that the non-oil GDP of the UAE grew at constant prices at a rate of between 2.3 per cent and 3.5 per ...  >>MORE

Central Bank: Money supply aggregate increases to Dh 61.2 billion at the end of July

Posted on 11/09/2013

The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 3.0% from Dh59.4 billion at the end of June 2013 to Dh61.2 billion at the end of July. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.6%, from Dh346.7 billion at the end of June 2013 to Dh344.7 billion at the end of July. Money supply aggregate M2, which comprises M1 plus ...  >>MORE

UAE bank deposits at all-time high

Posted on 21/08/2013

Deposits with UAE banks climbed to an all-time high at the end of the first half of 2013 while assets also peaked at their highest level and loans picked up sharply. Official data showed the UAE's 23 national banks and 28 foreign units are pushing ahead with a provisioning drive to bolster their financial base in the wake of the 2008 global fiscal distress, with allocations for loan loss provisions gaining around Dh500 million to reach their highest level of nearly Dh72.9 billion at the end of ...  >>MORE

Central Bank announces Monetary '&' Banking Developments for June 2013

Posted on 19/08/2013

Central Bank announced that money supply aggregate M0 (currency in circulation + currency at banks) decreased by 1.0% from Dh 60.0 billion at the end of May 2013 to Dh 59.4 billion at the end of June of the same year. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.6%, from Dh 341.4 billion at the end of May 2013 to Dh 346.7 billion at the end of June of the same year. Money supply aggregate M2 which ...  >>MORE

Board of Directors of Central Bank of the UAE reviews new amendments to Draft Financial Services Law

Posted on 05/08/2013

The Board of Directors of Central Bank of the UAE has reviewed the new amendments to the Draft Financial Services Law "the Framework Law", introduced by the Legal Advisor. The Board instructed that the technical team assigned to review financial legislations should meet to discuss these amendments and submit a report thereon to the Board in its upcoming meeting. The Board's 6th meeting for the year 2013 was held at 12:00 pm on Thursday, 1 August 2013 in Abu Dhabi chaired by Khalifa Mohammed ...  >>MORE

Central Bank Board took note of latest banking and financial developments

Posted on 22/07/2013

The Board of Directors of Central Bank of the UAE held its 4th meeting for the year 2013 during which it took note of the latest developments regarding draft of the Mortgage Loans Regulation, which had previously been referred to the concerned agencies for study and feedback, and instructed follow-up with the said agencies. The Board also took note of the final proposed amendments to the Liquidity Regulations and instructed final review of the regulations in preparation for approval and ...  >>MORE

Central Bank officially announces liquidation of BCCI (SA) branches in UAE

Posted on 06/07/2013

The Central Bank of UAE today formally announced the liquidation of BCCI (SA) branches in the country. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE met with Mr. Jacques Delvaux, the Global Liquidator of BCCI (SA) Luxembourg, and the local liquidators of UAE Branches of the said bank, on the occasion of the official announcement of completion of the liquidation of UAE Branches of BCCI (SA), in accordance with Chairman of the Board of Directors decision No- 01/2013, ...  >>MORE

UAE Banks Federation: "Code of Conduct" is our priority

Posted on 30/06/2013

In order to streamline the banking business and promote cooperation between banks, as well as achieve the highest standards of quality and excellence and build a professional and transparent environment to serve the customers interests and rights, the UAE Banks Federation is developing the "Code of Conduct" for the banking industry in UAE The UAE Banks Federation has recently formed a specialised committee covering legal, compliance, HR, retail and corporate aspects, dedicated to develop the ...  >>MORE

UAE Central Bank supports m-Government

Posted on 18/06/2013

The Central Bank of the UAE has hosted a meeting in support of the m-Government initiative launched on 22nd May, 2013. The meeting was attended by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, with senior staff of the Central Bank, Ahmed Abdul Karim Julfar, CEO of Etisalat Group and some senior staff of Etisalat, Osman Sultan, CEO of Du, and Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, representing the UAE Banks Federation. The meeting explored how best to remove obstacles to ...  >>MORE

NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering

Posted on 16/06/2013

The National Anti-Money Laundering Committee (NAMLC) held its 2nd meeting for the year 2013 at Head Office of the Central Bank in Abu Dhabi, under the Chairmanship of Sultan bin Nasser Al Suwaidi, Governor of the Central Bank, Chairman of the NAMLC. The meeting, which was attended by the members of the Committee, reviewed a report regarding the 17th MENAFATF Plenary Meeting, 16th Technical Assistance '&' Typologies Working Group Meeting, 20th Mutual Evaluation Working Group Meeting and 7th ...  >>MORE

Central Bank of UAE signs MoU with Bank of Korea

Posted on 04/06/2013

The Central Bank of the UAE has announced that it has signed a Memorandum of Understanding (MoU) with the Bank of Korea (Central Bank of South Korea) on Monday 3rd June 2013 in Seoul, aimed at co-operation, exchange of information and expertise, and training. Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, signed the MoU on behalf of the Central Bank of the UAE. Dr. Choongsoo Kim, Governor of Bank of Korea, signed the MoU on behalf of the Bank of Korea. The MoU establishes ...  >>MORE

Central Bank, Emirates Investment Authority to establish mint in UAE

Posted on 30/05/2013

The Central Bank of the UAE and Emirates Investment Authority have announced the signing of a memorandum of understanding (MoU) to establish and operate a mint in the UAE to meet the Central Bank's entire needs of printed currency notes. "The establishment of the mint is mainly aimed at meeting the Central Bank's entire needs of printed currency notes. A secondary objective would be to market whatever surplus capacity in international markets," the apex bank said in a press release. "Emirates ...  >>MORE

Central Bank: Money Supply aggregate M1 increases to Dh336 billion at end of April

Posted on 30/05/2013

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e. current accounts and call accounts at banks) increased by 2.6%, from Dh 327.4 billion at the end of March to Dh336 billion at the end of April. The Central Bank of the UAE announced in a press release that the money supply M0 (currency in circulation + currency at banks) decreased by 1.0% from Dh59.4 billion at the end of March to Dh58.8 billion at the end of April. Money supply aggregate M2, which comprises M1and ...  >>MORE

Central Bank of the UAE, TRA sign MoU

Posted on 25/05/2013

Central Bank of the UAE represented by the Department of Information Technology and the Telecommunications Regulatory Authority (TRA) represented by Computer Emergency Response Team, have signed the Memorandum of Understanding (MoU) to ensure the security system of the Central Bank, clients and exchange of data and research between the two parties. The deal was signed by Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE and Mohammed Nasser Al Ghanem, Director General of TRA. ...  >>MORE

Central Bank revokes licenses of two exchange companies

Posted on 09/05/2013

Central Bank of the UAE announced that it has decided to revoke the licenses of the following two exchange companies as of yesterday for violating financial regulations: 1- Al Hilal Exchange; and 2- Asia Exchange Centre 'As the first company had major regulatory and Anti-Money Laundering (AML) compliance violations, and the second company had major regulatory violations,' a Central Bank press release said yesterday. 'Based on revocation of the licenses, the two companies were prohibited from ...  >>MORE

Money supply up to Dh 59.4 billion by March end: Central Bank

Posted on 08/05/2013

Central Bank of the UAE announced that money supply M0 (currency in circulation + currency at banks) increased by 1.0% from Dh58.8 billion at the end of February 2013 to Dh59.4 billion at the end of March of the same year. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.2%, from Dh317.4 billion at the end of February 2013 to Dh327.4 billion at the end of March of the same year. Money supply aggregate ...  >>MORE

UAE's Central Bank reports increase in number, value of UAE's Central Bank reports increase in number, value of UAESWITCH financial transactions in Q1 2013

Posted on 16/04/2013

The Central Bank of the UAE has announced that the statistics of the UAESWITCH for the 1st quarter of 2013 have shown an increase in the number and value of financial transactions, carried-out electronically through the UAESWITCH. The total number of financial transactions has increased to 16.898 million transactions in the said quarter, compared to 16.821 million transactions in the 4th quarter of 2012, i.e. an increase of 0.45%, the apex bank said. The total value of financial transactions ...  >>MORE

Central Bank of UAE to introduce the Direct Debit System

Posted on 10/04/2013

The Central Bank of UAE has announced the introduction of the ‘Direct Debit System' in the UAE with effect from 15th June 2013. It added that the implementation of Direct Debit will enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan instalments. "The facility is designed to eliminate the need to sign several post-dated cheques for instalments upon obtaining a loan/finance, allowing banks to reduce their ...  >>MORE

UAE looks at procedure to comply with US tax compliance act

Posted on 03/04/2013

UAE Central Bank held a seminar to discuss the procedures to facilitate the new US Foreign Accounts Tax Compliance Act (FATCA), to which banks and other financial Institutions in the UAE were invited. Discussed during the seminar was the signing of an agreement with the government of the US for FATCA Compliance. If such agreement is reached, this would mean that regulatory authorities in the UAE will set out procedures, which financial institutions will have to follow. FATCA is a US ...  >>MORE

UAE Central Bank to launch debit system on June 15

Posted on 01/04/2013

The Central Bank of UAE has decided to implement the Direct Debit System (UAEDDS) in the country effective of June 15 to improve the efficiency of the payment systems in the UAE, the bank said in a statement. "The implementation of direct debit will enable customers to make regular, automatic payments from their banks accounts towards mortgage loans or credit card payments or personal loans instalments,” the bank said. Commenting on the new regulation, a Central Bank official said that this ...  >>MORE

UAE Central Bank announces increase of money supply in banks

Posted on 18/03/2013

UAE Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 1.9% from Dh 56.7 billion at the end of November 2012 to Dh 57.8 billion at the end of December 2012. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased also by 1.9%, from Dh 293.6 billion at the end of November 2012 to Dh 299.2 billion at the end of December of the same year. Money supply aggregate M2 ...  >>MORE

UAE Central Bank discusses real estate mortgage loans regulation, sustainable balance between deposits and loans at banks

Posted on 17/03/2013

The Board of Directors of Central Bank of the UAE, on Tuesday, 12 March in Abu Dhabi reviewed a report presented by the "Regulatory Development Unit" on the recent developments relating to real estate mortgage loans regulation, along with a comparative study through which the Board was able to review best experiences and international practices to be availed of in this area. The Board also discussed a number of issues relating to liquidity levels and ratios aimed at achieving a sustainable ...  >>MORE

UAE Central Bank prepares to introduce discount window

Posted on 14/03/2013

The UAE Central Bank said on Wednesday that preparations to introduce a discount window were proceeding, though it declined to specify when the facility would be ready. Last September, the central bank announced it would develop its monetary policy framework by launching a discount window to enable banks to borrow intra-day and overnight funds. On Wednesday, central bank governor Sultan Nasser Al Suwaidi said: "It takes time of course to make studies and put systems. We are on track.” Asked ...  >>MORE

UAE Central Bank reprints two new currency notes

Posted on 31/01/2013

Central Bank of The United Arab Emirates announced that it would put in circulation, on Saturday 02/02/2013, two currency notes reprinted with new security features, of Dh One Hundred (Dh100) and Dh One Thousand( Dh 1000). The new security features include replacement of the metallic ink surrounding the UAE emblem by a multi-coloured ink, on the upper half of the front side of the two currency notes, and replacement of the silver security thread by a (3mm) wide multi-coloured security thread ...  >>MORE

Money supply aggregate M2 increases to Dh 867.5 billion

Posted on 28/01/2013

Money supply aggregate M2 which comprises of M1 and quasi-monetary deposits (resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies), increased by 2.7%, from Dh 844.7 billion at the end of October 2012 to Dh 867.5 billion at the end of November of the same year. The Central Bank announced yesterday in a statement that money supply aggregate M3 (M2 plus government deposits at bank operating in the UAE as well as at the ...  >>MORE

Central Bank issues notice regarding proposed regulations re mortgage loans for individual customers at banks and finance companies

Posted on 23/01/2013

Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, issued Notice No. 57/2013 on 22nd January regarding Proposed Regulations re Mortgage Loans for Individual Customers (at Banks and Finance Companies). The notice referred to the previous notice which was issued by the Central Bank on 30 December 2012 regarding maximum loan to value in case of mortgage loans. The new Notice stated that views of banks on percentages specified in its previous notice were diverse, therefore, the ...  >>MORE

Central Bank Governor on mortgage regulations: this is a proposed system, now

Posted on 22/01/2013

The circulars sent by the Central Bank setting the maximum value of mortgages for foreigners and nationals at 50% and 70% of the property values respectively are meant to only notify the banks that there is something to be introduced, according to the governor of the apex bank Sultan Bin Nasser Al-Suwaidi. Al-Suwaidi, in statements to Abu Dhabi TV, made it clear that the circular sent recently to the banks does not set a date for enforcing the proposed regulations, adding that this is meant to ...  >>MORE

Abu Dhabi's public revenue up 41% in 2011: Report

Posted on 06/01/2013

Total public revenue in the Emirate of Abu Dhabi in 2011 surged by almost 41% driven by higher world oil prices, according the emirate's Department of Economic Development. The report about public revenue noted the marked change in the contribution of oil revenues within the structure of public revenue in the emirate, as oil contribution amounted to 90.6%, closer to the levels that prevailed prior to the global financial crisis. This was attributed to the continuous improvement in global oil ...  >>MORE

Central Bank: Money Supply increases to Dh 57.2 billion at end of October 2012

Posted on 25/12/2012

Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 4.4% from Dh 54.8 billion at the end of September 2012 to Dh 57.2 billion at the end of October 2012. The Central Bank in a statement yesterday said, the Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.4%, from Dh 289.8 billion at the end of September 2012 to Dh 293.8 billion at the end of October of ...  >>MORE

Central Bank passes its 2013 budget

Posted on 17/12/2012

The Board of Directors of Central Bank of the UAE reviewed AND adopted the Bank's budget for the fiscal year 2013. A bank press release said the budget, passed on the 8th meeting for the year 2012, envisages total revenues of Dh 3,886 million, total expenses of Dh 886 million with estimated net profit of Dh 3,000 million, compared to Dh 3,700 million estimated net profit for 2012. The Central Bank Board of Directors reviewed banks feedback on the amendments to the Large Exposures Regulation, ...  >>MORE

UAE economy strong, says Governor of Central Bank of the UAE

Posted on 28/11/2012

Governor of Central Bank of the UAE Sultan bin Nasser Al Suwaidi has said the UAE economy is strong and registering the highest growth rates in all the economic and social sectors in line with the state's policy of the economic diversification. "The banking system in the UAE is stable and has a high solvency sheet in accordance to the "Basel 3" criteria," he added, noting that the number of national banks in the UAE had reached 23 banks, 807 branches and 28 electronic units, while the foreign ...  >>MORE

M1 increases to Dh 289.8 billion by end of September, says UAE's Central Bank

Posted on 14/11/2012

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.7%, from Dh 285.0 billion at the end of August 2012 to Dh 289.8 billion at the end of September 2012. The Central Bank of the UAE announced, in its yesterday's statement, that money supply M0 (currency in circulation + currency at banks) decreased by 1.6% from Dh 55.7 billion at the end of August 2012 to Dh 54.8 billion at the end of September 2012. The ...  >>MORE

Central Bank assets increase by Dh17bn

Posted on 18/10/2012

The UAE Central Bank's assets grew by nearly Dh17 billion in the first eight months of 2012 and the bulk of the increase was in deposits with other banks and held-to-maturity securities, according to its latest monthly bulletin. The increase in those two assets more than offset a 60 per cent decline in the Bank's cash and bank balances, which dived to Dh11.8 billion at the end of August from nearly Dh30.2 billion at the end of 2011, the report showed. Total assets swelled to one of their ...  >>MORE

Money supply M0 increases to Dh 55.7 billion, says UAE Central Bank

Posted on 14/10/2012

The Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 1.1% from Dh 55.1 billion at the end of July 2012 to Dh 55.7 billion at the end of August 2012. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.5%, from Dh 286.4 billion at the end of July 2012 to Dh 285.0 billion at the end of August of the same year. Money supply aggregate M2 which comprises ...  >>MORE

IMF chief upbeat on Gulf growth

Posted on 07/10/2012

The head of the International Monetary Fund has predicted that the economies of the oil-rich countries of the Gulf Cooperation Council will grow at sustainable but reduced rates. Christine Lagarde, the managing director of the IMF, spoke at a news conference on Saturday after attending a meeting of the six-nation GCC. IMF chief Christine Lagarde praised Gulf oil exporters for their help in stabilising the global economy by managing oil prices, despite complaints by some Western countries that ...  >>MORE

UAE's Central Bank announces increase of money supply M0 by 3.8 percent

Posted on 03/10/2012

The Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 3.8 percent from Dh 53.1 billion at the end of June 2012 to Dh 55.1 billion at the end of July 2012. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 0.7 percent , from Dh 284.3 billion at the end of June 2012 to Dh 286.4 billion at the end of July of the same year. Money supply aggregate M2 which ...  >>MORE

‘No deadline extension on lending rule’

Posted on 02/10/2012

The United Arab Emirates central bank will discuss with commercial banks their compliance with a deadline for them to limit their exposure to state-linked debt, central bank officials said on Monday. Under new rules, announced in early April with a Sept.30 deadline, any bank's lending to the governments of the seven-member UAE federation and related entities is capped at 100 per cent of its capital base, while lending to a single borrower is curbed at 25 per cent. Previously, there was no ...  >>MORE

Central Bank to make access to funds easier

Posted on 18/09/2012

Banks will have easier access to funds in the event of a financial crisis after moves by the UAE Central Bank to ease short-term borrowing, Moody's Investors Service said yesterday. The introduction of a new discount window is "credit positive" for lenders, according to the ratings agency. Last week, the Central Bank said it would allow UAE banks to borrow intraday or overnight funding to shield money markets from liquidity shortfalls. The framework is called the marginal lending facility, or ...  >>MORE

Central Bank estimates UAE 2012 GDP growth to top 3.5%

Posted on 11/09/2012

The UAE's economic growth this year may better the International Monetary Fund's (IMF) gross domestic product (GDP) growth estimates of 3.5 per cent for the country, the Central Bank said yesterday in its first-ever Financial Stability Review. Citing reasons for its optimism, the apex bank said: "Dubai may achieve 4 per cent growth or more as it was stated in the Dubai Economic Outlook for the year 2012; an equally high growth is expected in the emirate of Abu Dhabi following the recent ...  >>MORE

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Quick List

Central Bank deposits double


Central Bank of UAE kicks off Direct Debit System from 5th October


Non-oil growth may hit 4.5%


Central Bank: Money supply aggregate increases to Dh 61.2 billion at the end of July


UAE bank deposits at all-time high


Central Bank announces Monetary '&' Banking Developments for June 2013


Board of Directors of Central Bank of the UAE reviews new amendments to Draft Financial Services Law


Central Bank Board took note of latest banking and financial developments


Central Bank officially announces liquidation of BCCI (SA) branches in UAE


UAE Banks Federation: "Code of Conduct" is our priority


UAE Central Bank supports m-Government


NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering


Central Bank of UAE signs MoU with Bank of Korea


Central Bank, Emirates Investment Authority to establish mint in UAE


Central Bank: Money Supply aggregate M1 increases to Dh336 billion at end of April


Central Bank of the UAE, TRA sign MoU


Central Bank revokes licenses of two exchange companies


Money supply up to Dh 59.4 billion by March end: Central Bank


UAE's Central Bank reports increase in number, value of UAE's Central Bank reports increase in number, value of UAESWITCH financial transactions in Q1 2013


Central Bank of UAE to introduce the Direct Debit System


UAE looks at procedure to comply with US tax compliance act


UAE Central Bank to launch debit system on June 15


UAE Central Bank announces increase of money supply in banks


UAE Central Bank discusses real estate mortgage loans regulation, sustainable balance between deposits and loans at banks


UAE Central Bank prepares to introduce discount window


UAE Central Bank reprints two new currency notes


Money supply aggregate M2 increases to Dh 867.5 billion


Central Bank issues notice regarding proposed regulations re mortgage loans for individual customers at banks and finance companies


Central Bank Governor on mortgage regulations: this is a proposed system, now


Abu Dhabi's public revenue up 41% in 2011: Report


Central Bank: Money Supply increases to Dh 57.2 billion at end of October 2012


Central Bank passes its 2013 budget


UAE economy strong, says Governor of Central Bank of the UAE


M1 increases to Dh 289.8 billion by end of September, says UAE's Central Bank


Central Bank assets increase by Dh17bn


Money supply M0 increases to Dh 55.7 billion, says UAE Central Bank


IMF chief upbeat on Gulf growth


UAE's Central Bank announces increase of money supply M0 by 3.8 percent


‘No deadline extension on lending rule’


Central Bank to make access to funds easier


Central Bank estimates UAE 2012 GDP growth to top 3.5%