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THE ECONOMY - CENTRAL BANK

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

Total bank deposits decreased by 1.6% during the month of June

Posted on 06/08/2012

The UAE Central Bank yesterday said that money supply (currency in circulation + currency at banks) decreased by 1.3 per cent from Dh53.8 billion at the end of May to Dh53.1 billion at the end of June. In a statement, the apex bank said money supply aggregate M1 (currency in circulation plus monetary deposits) increased by 0.9 per cent to Dh284.3 billion in June, compared to a month earlier. Money supply aggregate M2, which comprises M1 and quasi-monetary deposits, decreased by 0.6 per cent to ...  >>MORE

UAE financial restructuring law completed

Posted on 31/07/2012

The legislation related to restructuring the financial system in the UAE has been completed after two years of preparation, Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, has unveiled. The legislation will cover the work of both the UAE Central Bank and the Emirates Securities and Commodities Authority (ESCA). According to the new system, the UAE Central Bank will deal with the banking and financial investment sector where all the sectors falling within its scope of work will be ...  >>MORE

UAE puts amended 50 Dirhams note in circulation

Posted on 22/07/2012

The Central Bank of the United Arab Emirates announced that it would put in circulation an amended 50 Dirhams currency note, reprinted with new security feature, through replacing the silver metallic thread on the front of the note with a broader (3mm) colour shifting thread reading ‘UAE 50'. In a statement yesterday, the bank explained that the overall design and other specifications of the note will remain same. This amended currency note will be put in circulation as legal tender along ...  >>MORE

UAE Central Bank approves new liquidity requirements system

Posted on 16/07/2012

The board of directors of the Central Bank of the UAE, at a meeting on 6 July, approved the liquidity requirements system for banks operating in the UAE. The new system aims to ensure that banks have efficient and effective measures in place for liquidity risk management and governance as well as to improve their liquid assets and funding channels. The system provides a framework for implementing the requirements of Basel III banking supervision standards and reflects the interest of the ...  >>MORE

Money Supply M0 reaches Dh53.8 billion at the end of May 2012, says UAE Central bank

Posted on 04/07/2012

The UAE Central Bank announced that money supply M0 (currency in circulation + currency at banks) increased by 0.4% from Dh53.6 billion at the end of April 2012 to Dh53.8 billion at the end of May 2012. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 1.5%, from Dh286.1 billion at the end of April 2012 to Dh281.7 billion at the end of May of the same year. Money supply aggregate M2 which comprises of ...  >>MORE

Dh1,742.1 billion total bank assets at end of April, says Central Bank

Posted on 24/06/2012

The Central Bank announced that total bank assets increased by Dh 0.7 billion to reach Dh1,742.1 billion, at the end of April. It also added that money supply M0 (currency in circulation + currency at banks) remained at Dh53.6 billion at the end of April. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 2.1%, from Dh280.2 billion at the end of March 2012 to Dh286.1 billion at the end of April of the ...  >>MORE

UAE's Central Bank studies plan to help with loans

Posted on 04/06/2012

The Central Bank is weighing a raft of measures to help nationals struggling to pay back hefty bank loans. The regulator's board reviewed proposals "regarding settlement of personal consumer loans for the purpose of reducing debt burden of UAE nationals", it said in a statement released after a meeting it held last week. The move comes as the regulator steps up efforts to assist Emiratis struggling to repay bank loans. In January, a presidential decree announced the settling of the ...  >>MORE

UAE banks safe from global crisis: Central Bank

Posted on 03/06/2012

The UAE banks won't be adversely impacted by the turmoil roiling international markets, the country's central bank said yesterday. "The Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability Affairs, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets,” the apex bank said in a statement. Global financial markets have seen heavy selling pressure since the beginning of May as ...  >>MORE

UAE central bank open to some lending limit exemptions

Posted on 31/05/2012

The United Arab Emirates' central bank could grant exemptions to some banks over planned lending limits to sovereign and state-linked entities, pushing compliance beyond the September 30 deadline, its chairman told a local newspaper on Wednesday. The regulator said in April's ruling it would cap lending at 100 per cent of a bank's capital base to governments of all emirates and their non-commercial entities, and 25 per cent to individual borrowers, the first such change to the rules in nearly ...  >>MORE

Capital outflows from UAE surge to Dh95b

Posted on 29/05/2012

Capital outflows from the UAE public sector entities, including sovereign wealth funds, rose to Dh95 billion in 2011 from Dh10 billion in 2010, Central Bank data suggests. High oil prices last year boosted UAE's total hydrocarbon exports to Dh409.9 billion, up 50 per cent from Dh274.1 billion in 2010. The country's current account surplus rose to Dh292 billion from Dh180 billion, the recently released central bank annual report said. Analysts said the jump in capital outflows last year ...  >>MORE

Proposals adopted to insulate UAE from global crises

Posted on 24/05/2012

The UAE Higher Committee overseeing the crafting of laws to regulate the country's financial sector on Wednesday adopted several recommendations aimed at insulating the country from any future global financial crises. A committee meeting chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, instructed a technical team to complete the task of reviewing the draft laws in preparation for submitting it to the cabinet for approval. The committee ...  >>MORE

New financial services watchdog for UAE

Posted on 20/05/2012

A new agency will have daily oversight of financial services in the biggest shake-up of banking and finance in three decades. The change is part of a new banking law that aims to bolster regulation of the industry and reduce the risk of future banking crises. "The Government has decided to move to a twin peaks regulation model. It will mean you have two regulators for the financial sector - a prudential regulator and a conduct-of-business regulator," said Mazen Boustany, head of banking and ...  >>MORE

UAE current account surplus climbs fourfold in 2011

Posted on 19/05/2012

The UAE's current account surplus quadrupled to Dh112.7 billion ($30.7 billion) in 2011 as both crude and non-oil exports soared, the UAE Central Bank's annual report showed.The surplus surged to 8.5 per cent of gross domestic product last year from 2.4 per cent, or Dh26.6 billion, in 2010, according to a Reuters calculation.The 2011 calculation is based on a GDP estimate by the International Monetary Fund since the UAE's statistics office has yet to release GDP data for last year. The ...  >>MORE

The World Bank: Abu Dhabi No. 2 worldwide in time to enforce contracts

Posted on 22/04/2012

The Emirate of Abu Dhabi is No. 2 in the world for the time required to enforce business contracts, the World Bank's Doing Business 2012 Report has said. Time is one of three indicators used by the Report to measure Enforcing Contracts Effectiveness. It covers time required to file and serve the case, for trial and obtaining judgment, and to enforce the judgment. Courts of Abu Dhabi Judicial Department (ADJD) managed to make this development despite the increase in cases filed before them ...  >>MORE

UAE banks are in good position

Posted on 15/04/2012

The UAE Central Bank on Saturday declared a Dh3.7 billion net profit for the fiscal year 2011. Banks in the country are in a good position and should not be negatively impacted by the recent turmoil in international markets, the Central Bank said in a statement issued after the board of directors' meeting. The board also discussed drafts of financial laws and instructed introduction of some ‘major amendments' to them. The board stressed that these laws should reflect the independence of ...  >>MORE

Central Bank reviews annual accounts for 2011

Posted on 12/04/2012

The Board of Directors of Central Bank of the UAE held its 4th meeting for the year 2012 on Tuesday, 10 April, 2012 in Abu Dhabi under the chairmanship of Khalil Mohammed Sharif Foulathi, Chairman of the Board. The Board reviewed the Central Bank's Audited Annual Accounts for the fiscal year 2011, and distribution of net profits, which amounted to Dh3,700,257,061.85, and initially approved it as follows: - 55% i.e. Dh2,035,141,384.02 to be transferred to the Ministry of Finance. - 20% i.e. ...  >>MORE

Central Bank warns against gold bullion fraud

Posted on 10/04/2012

The UAE Central Bank has warned public against fictitious or fraudulent documents which some individuals present as power of attorney to a third party to claim the so-called assets kept with the apex bank. The bank warned that this fraud is targeted at reputable financial institutions showing financial assets or gold bullion under the safekeeping on behalf of certain individual(s) domiciled in other jurisdictions. The Central Bank warned that it does not maintain deposits or any other type ...  >>MORE

UAE projects able to tide over Europe funding gap

Posted on 25/03/2012

Projects in the UAE will not face a shortage of funding because of the changes in international banking regulations or the potential difficulties faced by banks in Europe, Sultan Bin Nasser Al Suwaidi, UAE Central Bank governor, said in Dubai yesterday. Speaking at the 51st ACI Financial Markets World Congress, Al Suwaidi said the banking industry across the world will be impacted by the stringent capital adequacy requirements under the Basel III and new international banking regulations. ...  >>MORE

UAE Central bank seeks to ease defaulters’ woes

Posted on 18/03/2012

Dissatisfied with the higher levels of proposed monthly instalments which would be deducted from the salaries of Emirati loan defaulters, under the debt settlement initiative designed to bail them out from a debt trap, the UAE Central Bank is seeking appropriate solutions. The board of directors of the central bank, which met here last week, reviewed data on the personal loans of UAE nationals submitted to it for study. The board said in a statement that it considered "several options to ...  >>MORE

UAE Central Bank to cap credit card rate at 18%

Posted on 31/01/2012

The UAE Central Bank (CB) has completed all the new regulations and legislation related to credit cards, a high-level banking source has revealed. The source affirmed that the UAE Central Bank would fix the interests on credit cards at less than 18 per cent following the example of the countries of the region and would not increase any fees on such cards after being given to customers. Banks currently impose interests between 2.25 per cent to 2.99 per cent on credit cards per month which is ...  >>MORE

Inflation to be around 2% in 2012: Suweidi

Posted on 24/01/2012

The United Arab Emirates' central bank is not worried about inflation this year, predicting it could average around 2 per cent, its governor Sultan Nasser Al-Suweidi said on Monday. "There are no reasons to worry about inflation at this point in time because the sources of inflation are under control,” he told Reuters on the sidelines of an Islamic finance conference in the Omani capital. "As long as the real estate sector is under pressure, it (inflation) is not likely to go up, hovering ...  >>MORE

UAE Central Bank announces statistics of UAESWITCH

Posted on 12/01/2012

Central Bank of the UAE announced that the statistics of the UAESWITCH for the 4th quarter of 2011 have shown an increase in number and value of financial transactions, carried-out electronically through the UAESWITCH. The total number of financial transactions has increased to 19.441 million financial transactions in the said quarter, compared to 18.231 million transactions in the 3rd quarter of 2011, i.e. an increase of 6.63 percent . Also, the total value of financial transactions ...  >>MORE

UAE's Central Bank says money supply M0 increased by 2.3% to Dh53.2b by end of Nov

Posted on 02/01/2012

The Central Bank of the UAE on Thursday announced that money supply M0 (currency in circulation + currency at banks) increased by 2.3%. from Dh52.0 billion at the end of October 2011 to Dh53.2 billion at the end of November of the same year "Money supply aggregate, M1 (currency in circulation plus monetary deposits; current accounts and call accounts at banks) increased by 2.2%, from Dh258.8 billion at the end of October to Dh264.6 billion at the end of November of 2011," it said in an ...  >>MORE

UAE Central Bank obtains Ministerial Council decision to accept electronic images of cheques as proof

Posted on 27/12/2011

UAE Central Bank said yesterday that it has obtained a Decision by the Ministerial Council for Services to include images of cheques sent to the Central Bank electronically, among tools that are subject to the provisions of Federal Law No. (1) of 2006 concerning Electronic Transactions and Commerce, and as document of proof before the UAE courts of law. The decision based on the text of Article 2.3 of the said Law, also said that the electronic images can be accepted provided that original ...  >>MORE

UAE Central Bank reviews proposed Liquidity Regulation for banks

Posted on 08/12/2011

The Board of Directors of UAE Central Bank has reviewed a proposed Liquidity Regulation for banks operating in the UAE, and instructed introduction of some amendments to it. The Board, in its 13th meeting of the current year under the chairmanship of Khalil Mohammed Sharif Foulathi, Chairman of the Board also reviewed a number of reports relating to the banking sector in the UAE and took appropriate decisions. It also reviewed some matters relating to Human Resources Dept. in the CBUAE. It ...  >>MORE

UAE Central Bank to put in circulation an amended Dh500 currency note

Posted on 27/11/2011

The Central Bank of the United Arab Emirates announced yesterday that it has decided to put in circulation an amended Dh500 currency note, reprinted with new security features as follows. The optically variable stripe feature is replaced by a window in see-through on the front right side of the note. In front of a bright background, it shows the denomination value 500 in ornamental circles; whereas, in front of the dark background, an ornament design becomes visible. Extending throughout the ...  >>MORE

UAE Central Bank signs MoU with Jersey Financial Services Commission

Posted on 21/11/2011

Central Bank of the UAE announced that it has signed a Memorandum of Understanding (MOU) with the Jersey Financial Services Commission yesterday in Abu- Dhabi aimed at supervisory co-operation and exchange of information. Sultan Bin Nasser Al Suwaidi, Governor of Central Bank of the UAE signed the MoU on behalf of Central Bank of the UAE and John Harris - Director-General of the Commission signed the MOU on behalf of the Jersey Financial Services Commission. This MoU, ...  >>MORE

Central Bank of UAE launches International Bank Account Number

Posted on 18/10/2011

The Central Bank of the UAE yesterday announced the introduction of the International Bank Account Number (IBAN) as a standard for identifying all bank accounts in the UAE, starting November 19, 2011. The IBAN will be applicable to all account categories across banks in the UAE, marking the country's further integration in line with global best practices in banking and payment transfers. As part of the transition to this new system, all bank account holders in the UAE will be provided ...  >>MORE

Central Bank maintains asset diversity

Posted on 16/08/2011

The UAE Central Bank appears to be maintaining its policy of diversifying its investments abroad to avert any loss resulting from sudden financial turbulence in global markets by sticking to a proportionate distribution of its assets. Its latest monthly balance sheet showed there was growth in the central bank's two main assets components this year deposits with banks abroad and held to maturity investments. Other minor components remained almost stable. The report showed the central bank's ...  >>MORE

UAE Central Bank reaffirms currency peg to dollar

Posted on 10/08/2011

The Central Bank of the UAE on Tuesday re-affirmed its commitment to maintain its currency's peg to the US dollar, despite a backdrop of rising global economic uncertainty that has caused the greenback to fall against other major currencies. "On the issue of the exchange rate policy, the Board of Directors affirmed that the peg of the dirham to the US dollar is continuing without change,” the central bank said in an emailed statement. The central bank hoped that the nation's banks would not ...  >>MORE

UAE to keep US dollar peg

Posted on 08/08/2011

The United Arab Emirates will keep its currency peg to the U.S. dollar even after Standard & Poor's downgraded the world's biggest economy, and Oman sees no risk in investing in U.S. treasuries, officials said on Sunday. Gulf central bankers were huddled in separate meetings on Sunday to discuss the downgrade, sources said. All Gulf Arab states, except for Kuwait, peg their currencies to the greenback and their fortunes are closely tied to U.S. developments. Gulf states are also major ...  >>MORE

UAE Central Bank allays fears

Posted on 31/07/2011

The UAE Central Bank remains committed to the currency peg between the UAE dirham and the dollar, according to a statement by the bank. The dollar has fallen sharply against other international currencies as a deadlock over increasing the US debt ceiling in Congress raised concerns about the country defaulting on its obligations and its credit rating being downgraded. The US administration has said the country will hit its debt limit on August 2. "We believe that the debate on the US public ...  >>MORE

Central Bank assets up Dh50bn in 5 months

Posted on 12/07/2011

The Central Bank's assets gained nearly Dh50 billion in the first five months of 2011 to rise to their highest level since the end of 2007 and the bulk of the increase was in deposits and investment abroad. Its figures showed certificates of deposits (CDs) issued by the Central Bank and held by the country's 51 banks also grew by nearly Dh25 billion as risk-averse banks opt for safer investment tools and shun lending to the private sector. The increase also followed the issuance of the ...  >>MORE

Al Suwaidi sees 2011 GDP growth at 4%

Posted on 27/06/2011

The United Arab Emirates prefers to use dollar-based instruments such as deposits rather than low-yielding US Treasuries to manage foreign reserves, its central bank governor said on Sunday. Sultan Nasser Al Suwaidi also told Reuters in an interview on Sunday that he expected the UAE economy to grow by up to 4 per cent this year, driven by the tourism and trading sectors. Concerns over US Treasuries, one of the favourite instruments for the world's central banks in managing reserves, are ...  >>MORE

UAE orders to freeze assets of 19 Libyans

Posted on 21/06/2011

The United Arab Emirates Central Bank (CB) has ordered banks, financing houses and financial investment institutions operating in the country to freeze the assets of 19 Libyan individuals in line with the UN Security Council Resolutions 1970 and 1973, a top central banker announced on Monday. Abdulrahim Al Awadi, Executive Director at the UAE Central Bank and Head of its Anti-money Laundering and Suspicious Cases Unit, said the first resolution calls for freezing assets of 12 natural and ...  >>MORE

UAE to get tough with cash flows

Posted on 20/06/2011

The UAE has planned to implement a new regulation from September to improve monitoring of suspicious cash flows as travellers leaving the country will have to declare large amounts of money, Central Bank officials said during a conference on anti-money laundering in Dubai on Sunday. Inbound and outbound travellers, under the new regulation, will be required to declare cash in excess of Dh100,000 from September 1 this year. The new regulation raised the limit on undeclared cash by 150 per ...  >>MORE

Banks deposits rose by 2.1 per cent in March, says UAE Central Bank

Posted on 08/06/2011

UAE Central Bank announced that deposits of banks operating in the country increased by 2.1 per cent during month of March, reaching Dh1128.3 billion. Total bank loans and advances (net of provisions and interest suspense) increased by 0.6 per cent reaching Dh1054.1 billion, while total bank assets decreased slightly by 00.04 per cent, reaching Dh16995.3 billion at the end of April of the same year. The UAE Central Bank announced that money supply (currency in circulation + currency at banks) ...  >>MORE

Central Bank Governor shines light on challenges ahead Islamic Banks

Posted on 05/06/2011

The number of Islamic banks in the UAE stand now at 8 with 260 branches and assets and liabilities of Dh269 Billion (US$ 73.1 Billion) as at the end of 2010, which represents 17% of total assets and liabilities of the banking system in the UAE, said UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi. In the opening remarks made at a seminar on "Islamic Finance in a global perspective" which was held yesterday at the Central Bank, Al Suwaidi also congratulated the Sultanate of Oman for ...  >>MORE

China must ease controls before the UAE can consider buying assets

Posted on 02/06/2011

China needs to ease capital controls before the UAE can consider buying the Asian powerhouse's assets, says the Central Bank Governor. If rules were relaxed, the treasury department of the UAE Central Bank would decide on whether to buy Yuan-denominated assets, Sultan al Suwaidi said. "It depends on the Chinese themselves because they are not yet prepared to allow the Yuan to be a reserve currency, so they have tremendous controls," he said yesterday. "If China relaxes controls, [a ...  >>MORE

Governor of the UAE Central Bank calls on banks to cut interest rates on loans

Posted on 30/05/2011

Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank has called on the banks operating in the country to cut interest rates on loans. He said that the interest margin for the banks was high, asking them to consider the condition of borrowers, traders and businesspersons, who are the foundation of prosperity and business activity. Al Suwaidi referred to a decline in business revenues for those categories, an issue that the banks should take into account. This came during a meeting ...  >>MORE

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Quick List

Central Bank estimates UAE 2012 GDP growth to top 3.5%


Total bank deposits decreased by 1.6% during the month of June


UAE financial restructuring law completed


UAE puts amended 50 Dirhams note in circulation


UAE Central Bank approves new liquidity requirements system


Money Supply M0 reaches Dh53.8 billion at the end of May 2012, says UAE Central bank


Dh1,742.1 billion total bank assets at end of April, says Central Bank


UAE's Central Bank studies plan to help with loans


UAE banks safe from global crisis: Central Bank


UAE central bank open to some lending limit exemptions


Capital outflows from UAE surge to Dh95b


Proposals adopted to insulate UAE from global crises


New financial services watchdog for UAE


UAE current account surplus climbs fourfold in 2011


The World Bank: Abu Dhabi No. 2 worldwide in time to enforce contracts


UAE banks are in good position


Central Bank reviews annual accounts for 2011


Central Bank warns against gold bullion fraud


UAE projects able to tide over Europe funding gap


UAE Central bank seeks to ease defaulters’ woes


UAE Central Bank to cap credit card rate at 18%


Inflation to be around 2% in 2012: Suweidi


UAE Central Bank announces statistics of UAESWITCH


UAE's Central Bank says money supply M0 increased by 2.3% to Dh53.2b by end of Nov


UAE Central Bank obtains Ministerial Council decision to accept electronic images of cheques as proof


UAE Central Bank reviews proposed Liquidity Regulation for banks


UAE Central Bank to put in circulation an amended Dh500 currency note


UAE Central Bank signs MoU with Jersey Financial Services Commission


Central Bank of UAE launches International Bank Account Number


Central Bank maintains asset diversity


UAE Central Bank reaffirms currency peg to dollar


UAE to keep US dollar peg


UAE Central Bank allays fears


Central Bank assets up Dh50bn in 5 months


Al Suwaidi sees 2011 GDP growth at 4%


UAE orders to freeze assets of 19 Libyans


UAE to get tough with cash flows


Banks deposits rose by 2.1 per cent in March, says UAE Central Bank


Central Bank Governor shines light on challenges ahead Islamic Banks


China must ease controls before the UAE can consider buying assets


Governor of the UAE Central Bank calls on banks to cut interest rates on loans