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THE ECONOMY - CENTRAL BANK

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

UAE cash base grows

Posted on 26/04/2011

The cash base of the UAE grew by 13.6 per cent to Dhs219.2 billion during the first quarter of this year compared with Dhs192.9 billion by the end of December 2010, according to recent statistics by the UAE Central Bank. The UAE Central Bank's assets grew by 13.6 per cent to Dhs260 billion during the first quarter of this year compared with Dhs228 billion by the end of last year. The UAE Central Bank's assets of foreign currencies grew by 19.3 per cent to Dhs183 billion during the first quarter ...  >>MORE

UAE to post mid-single digit growth

Posted on 13/04/2011

The UAE is on course to record a mid-single digit growth rate this year, Central Bank Governor Sultan bin Nasser Al Suwaidi said on Tuesday. The UAE needs stable growth, not high growth rates that can stoke inflation. The country has the resources to support growth at a mid single digit rate, the governor said at a conference. Suwaidi's upbeat outlook for the domestic economy was almost in line with the revised forecast given by the International Monetary Fund on Monday. According to IMF ...  >>MORE

Central bank to set new liquidity requirements for banks

Posted on 31/03/2011

The central bank is working on a new system setting liquidity requirements for banks as part of plans to strengthen their capital base and upgrade their performance, the central bank has said. The country's 23 national banks and 28 foreign units already have a strong capital base, with their adequacy soaring to one of its highest levels of 20.8 per cent at the end of 2010, far higher than the 12 per cent floor set by the central bank in June last year. Releasing its quarterly bulletin this ...  >>MORE

UAE Central Bank announces increase in money supply

Posted on 28/03/2011

The Central Bank of UAE announced yesterday that the money supply M0 (currency in circulation + currency at banks) increased by 2.3%, from Dh46.9 billion at the end of January 2011 to Dh48.0 billion at the end of February of the same year. Meanwhile, money supply M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 2.4%, from Dh236.9 billion to Dh242.7 billion. As regards money supply M2 which comprises M1 plus quasi-monetary ...  >>MORE

Tele-marketing of financial products banned in UAE

Posted on 23/03/2011

The UAE Central Bank has put a stop to banks selling loans and other financial products to customers over the telephone, a move bankers said on Tuesday will benefit banks as well as their potential customers. "It has been decided to prohibit marketing bank loans and other services offered to individual customers through direct contact by telephone," said the Central Bank in a circular issued to banks operating in the country. In doing so, the apex bank has responded to complaints by UAE ...  >>MORE

UAE is fully committed to combat nuclear proliferation and terrorism in all its forms: Al Suwaidi

Posted on 14/03/2011

The UAE has sought to pursue a clear strategy to combat money laundering, terrorist financing and proliferation of nuclear weapons including weapons of mass destructions (WMD), Sultan Bin Nasser Al Suwaidi, Governor of Central Bank of the UAE and Chairman of National Anti-Money Laundering Committee, affirmed yesterday. 'It has an active legislative framework and a strong regulatory and supervisory system for supervision of banks, other financial institutions, economic and commercial ...  >>MORE

Bank deposits increased by 0.7% during the month of January 2011: Central Bank

Posted on 06/03/2011

The UAE Central Bank announced that money supply M0 (currency in circulation + currency at banks) decreased by 1.9%, from Dh47.8 billion at the end of December 2010 to Dh46.9 billion at the end of January 2011. Meanwhile, money supply M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.7%, from Dh232.9 billion to Dh236.9 billion. In a statement on monetary and banking developments for January 2011, the bank said money supply ...  >>MORE

UAE Central Bank issues new system for bank loans and other services

Posted on 28/02/2011

UAE Central Bank announced yesterday that it has adopted a new system of bank loans and other services provided to individual clients. The announcement came at a press conference which was attended by Sultan Bin Nasser Al Suwaidi Governor of the Central Bank, Saif Al Shamsi Director of Treasury at the Central Bank and other senior officials. The new system has been circulated to all banks and finance companies, including Islamic finance firms, it was said. The new system limits personal loans ...  >>MORE

UAE Central Bank foreign assets grow by Dh35 billion

Posted on 27/02/2011

The foreign assets of the UAE Central Bank swelled by nearly Dh35 billion over the past year and most of the increase was in its investments in foreign securities, its balance sheet has shown. From around Dh120.6 billion at the end of January 2010, the central bank's total foreign assets surged by nearly 29 per cent to Dh155.4 billion at the end of January 2011, showed the figures released this week. The assets had gained around 12 billion in the previous year after recorded their biggest ...  >>MORE

Central Bank to check rising fees of banks

Posted on 03/02/2011

The UAE Central Bank plans to introduce a new set of regulations to prevent the country's banks from charging excessive fees and commission, Governor Sultan bin Nasser Al Suweidi said. The governor said that the Central Bank will be intervening to push bankers to regulate their fees and commission rates. "I agree that banks have increased their fees and commission rates and not interest rates. There is a new set of regulations that are coming and the central bank will intervene because ...  >>MORE

UAE financial system is safe: Central Bank

Posted on 01/02/2011

The Central Bank of UAE on Monday asked all financial institutions in the country to immediately report any suspicious money transactions or cases they come across to its Anti-money Laundering and Suspicious Cases Unit (AMLSCU). After inaugurating a workshop for insurance companies and brokers on Monday, ALMSCU executive director Abdulrahim Mohammed Al Awadi said it was the responsibility of all entities to report such transactions and cases to help the country keep its financial system ...  >>MORE

Money Supply M1 in November remained at the same level as in October at Dh231.4 billion

Posted on 03/01/2011

The UAE Central Bank announced yesterday that at the end of November 2010, Money Supply M1 (currency in circulation plus monetary deposits, current accounts and call accounts at banks) remained at the same level as in October, at Dh231.4 billion. Broad Money Supply, M2 which comprises M1 plus quasi-monetary deposits (the sum of resident time and savings deposits in Dirhams, commercial prepayments in Dirhams and resident deposits in foreign currencies) decreased from Dh797.4 billion as at the ...  >>MORE

UAE Central Bank signs MoU with Maldives Monetary Authority

Posted on 20/12/2010

Central Bank of the UAE signed a Memorandum of Understanding (MOU) with the Maldives Monetary Authority on Sunday 19 December 2010 at the Central Bank's Head Office in Abu Dhabi, for cooperation and exchange of information on banking supervision, technical assistance and training, as well as for combating money laundering and terrorist financing. Governor of the Central Bank Sultan Bin Nasser Al Suwaidi and the UAE and Governor of Maldives Monetary Authority Fazeel Najeeb signed the MOU on ...  >>MORE

Central Bank to regulate dormant bank accounts

Posted on 09/12/2010

The central Bank is working on new rules governing dormant accounts at banks in the UAE with the aim of blocking any loophole for money laundering, a senior central bank official was reported on Thursday as saying. The central bank has conducted consultations with the country’s 23 national banks and 28 foreign units on the new system and it could be issued soon, said Hadef Al Shamsi, senior executive director for the treasury department. “A unified system dealing with dormant bank ...  >>MORE

No plans to de-peg Dirham from Dollar: Al Suwaidi

Posted on 07/12/2010

The UAE has no intention to de-peg the UAE Dirham from the US Dollar and to join the GCC monetary Union, Governor of the UAE Central Bank said yesterday. 'The UAE stance remains unchanged, Sultan Nasser Al Suwaidi confirmed during a press conference he held on the fringe of the 31st GCC Summit. – Emirates News Agency, WAM ...  >>MORE

UAE net foreign assets widen

Posted on 29/11/2010

A decline by nearly Dh9 billion in total foreign liabilities largely boosted the UAE's net foreign assets in September and maintained its position as a net credit to the global markets, according to official figures. From around Dh47.9 billion at the end of August, the country's net foreign assets, the difference between total foreign assets and foreign liabilities, surged to nearly Dh54.3 billion, an increase of about Dh6.4 billion, showed the figures published by the Central Bank's monthly ...  >>MORE

Central Bank gets International Advisory Council

Posted on 20/10/2010

The UAE Central Bank Board of Directors has formed the International Advisory Council. Dr Robert Mundell, Dr David Dodge, Dr Joseph Yam, and Sir John Bond were selected as members. The Central Bank Board held the first International Advisory Council meeting on October 18, where it discussed and took advice on specific matters facing UAE banking, financial and monetary regulations, and the Central Bank organisational structure. Board Chairman Khalil AI Foulathi and Governor Sultan Al Suwaidi ...  >>MORE

Central Bank projects 3-4 % growth

Posted on 14/10/2010

The UAE plans to unveil new banking regulations to contain credit growth and streamline the mortgage sector, Central Bank Governor Sultan bin Nasser Al Suwaidi said. The governor described a projected economic growth of three to four per cent for the UAE in 2010 as "reasonable”, and said one of the goals of the Central Bank was to maintain credit growth at a reasonable rate. "We are going to come up with new regulations to regulate credit extension, for example, for mortgage loans. You will ...  >>MORE

UAE Central Bank plans Sharia-compliant CDs

Posted on 12/10/2010

The UAE's Central Bank, in a bid to widen investment options for Islamic lenders, will introduce Sharia-compliant certificates of deposit, or CDs, by year-end. According to experts, the central bank initiative "will help banks manage liquidity.” Initially, the CDs will be available only to fully Islamic banks and then extended to the Islamic banking units of other commercial banks. "Test transactions could take place as early in November,” Standard Chartered Saadiq Chief Executive Officer ...  >>MORE

98% of Central Bank forex reserves in US dollar

Posted on 07/10/2010

The US dollar accounts of 98 per cent of foreign exchange reserves at the UAE Central Bank, according to Saif Al Shamsi, Chief Executive Officer of the Department of the Treasury in the bank. Al Shamsi told al Ittihad newspaper years ago the UAE Central Bank did not have any share of the euro in its reserves. Central Bank reserves are estimated at Dh121 billion equivalent (US$33bn) until June of this year. Al Shamsi said the central bank has kept the US dollar as a reserve as the dirham is ...  >>MORE

Arab central banks must cooperate: Suwaidi

Posted on 19/09/2010

UAE Central bank Governor Sultan Bin Nasser Al Suwaidi reiterated the importance of cooperation among the Arab countries in various fields. In a statement to Emirates News Agency (WAM) given on the sidelines of the 34th meeting of the governors of Arab Central Banks and Monetary agencies currently under way in Libya, Al-Suwaidi also stressed the importance of these meetings as they discuss various economic and financial issues concerning the Arab world. Underlining cooperation among the ...  >>MORE

Central Bank cuts deposits by Dh16billion

Posted on 05/09/2010

The UAE Central Bank slashed its deposits with other banks by nearly Dh16 billion in June to invest in more profitable securities as interest rates have remained at one of the lowest levels, its figures showed on Saturday. From around Dh64.9bn at the end of May, deposits by the Central Bank, mostly in banks abroad, dipped to Dh49.07bn at the end of June, their lowest level in more than two years, the Central Bank said in its June bulletin. At the end of June, the deposits were nearly Dh36bn ...  >>MORE

UAE Central Bank issues silver coins to commemorate NCDR anniversary

Posted on 29/08/2010

The UAE Central Bank will issue on Sunday 29th August 2010, a commemorative silver coin to mark the occasion of the 40th anniversary of the establishment of the National Centre For Documentation and Research (NCDR), said a statement from the Central Bank. The 40mm diameter coin weighs 40 grams and is minted with 92.5 % silver and 7.5% copper. The coin face depicts the portrait of President H.H Sheikh Khalifa bin Zayed Al Nahyan and is engraved with the denomination. The back of the coin ...  >>MORE

UAE government slashes capital outflow in 2009

Posted on 04/08/2010

The UAE government sharply reduced its capital outflow in 2009 apparently because of a large decline in oil prices and commitment to record high expenditure following the global fiscal crisis, according to official data. The plunge allied with massive non-banking private inflow of funds to turn the country's capital account balance into a surplus after suffering from its highest ever deficit in 2008, showed the figures by the Central Bank. From around Dh108.2 billion in 2008, funds siphoned ...  >>MORE

UAE Central Bank signs accord to share information and data

Posted on 01/07/2010

The UAE Central Bank has signed a Memorandum of Understanding (MoU) with the National Bureau of Statistics to exchange information and data as well as statistics and cooperation in the field of training and technical assistance. The National Bureau of Statistics belongs to the UAE Cabinet. "It serves the federal strategy of the UAE to have one unified source of government information. The quality of statistics on economic growth rate, balance of payments and inflation will be of IMF ...  >>MORE

UAE economy to grow by 4pc

Posted on 15/06/2010

The UAE economy is expected to grow at an average rate of four per cent this year and 2011 after a reasonable performance in 2009, the country's Central Bank governor said. "Average growth for the two years [2010 and 2011] is around four per cent and it is expected,” Sultan bin Nasser Al Suwaidi told Khaleej Times on the sidelines of the inaugural Asia summit of World Islamic Banking Conference, or WIBC, in Singapore on Monday. Last month, UAE economy minister Sultan bin Saeed Al Mansouri ...  >>MORE

UAE set to issue Sharia deposit certificates

Posted on 10/06/2010

The United Arab Emirates central bank expects to raise as much as Dh10 billion within a year of offering its first Islamic certificates of deposit as it seeks to develop a money market. Treasury Department Senior Executive Director Saif Hadef Al Shamsi said the bank was seeking to offer the Sharia-compliant instrument by the end of the year. The authority currently holds Dh60 billion from banks through its conventional certificates of deposit, he said. "There is a need for ...  >>MORE

Lenders can deal with any crisis: Central Bank

Posted on 08/06/2010

UAE banks have sufficient financial resources to deal with a fresh economic downturn and exposure to more defaults by debtors, the Central Bank said yesterday. In a report on the country's monetary developments in the first quarter of 2010, the Central Bank said relatively high investments by UAE banks in its certificates of deposits demonstrate their liquidity muscle. Its figures showed a drive by the country's 52 banks to bolster their capital in line with Central Bank instructions ...  >>MORE

Nearly all UAE's US$33bn forex reserves 'in dollars'

Posted on 03/06/2010

The UAE Central Bank holds nearly all of its foreign exchange reserves, worth around US$33 billion (Dh121bn), in US dollars with no Euros on its balance sheet, a senior Central Bank official told Reuters yesterday. The UAE, the world's third largest oil exporter and home to one of the largest sovereign wealth funds, keeps its reserve profile in currencies aside from the greenback low due to its dirham peg to the US dollar. "Our foreign exchange reserves are around US$33bn," said Mohamed Al ...  >>MORE

UAE sticking to dollar peg: CB

Posted on 31/05/2010

The UAE Central Bank (CB) yesterday used the launch of an updated website to renew its commitment to the dirham's peg to the US dollar. Central Bank Governor Sultan bin Nasser Al Suwaidi outlined the bank's functions in a statement to announce the updated website. "The Central Bank is working to maintain a fixed exchange rate of the dirham against the US dollar and to ensure the free convertibility of the national currency into foreign currencies." – Emirates Business 24|7 ...  >>MORE

Al Suwaidi optimistic about UAE banking sector profits

Posted on 30/05/2010

Local banks in the UAE will return to making good profits despite uncertain economic conditions, the UAE central bank governor was quoted as saying. "The worst effects of the world financial crisis are behind us,” Sultan bin Nasser Al Suwaidi told an Arabic newspaper. "Now we are looking to the future ... we've established a comfortable base and the economy is becoming more competitive,” he said. Suwaidi said local banks' positive reception of the Dubai World debt proposal as well as ...  >>MORE

UAE banks 'well capitalised to deal with defaults'

Posted on 16/05/2010

UAE banks can manage their exposure to defaulting debtors as they have built up a large capital and a solid provision base against non-performing loans (NPLs), according to the Institute of International Finance (IIF). The Washington-based institute, which groups major banks in the industrial countries, was commenting on the impact of the Dubai World debt restructuring on domestic banks in its latest report on the UAE economy. The report, part of which was obtained by Emirates Business ...  >>MORE

UAE to record huge current account surplus

Posted on 05/05/2010

The UAE is expected to bask in a massive surplus in its current account for five successive years after it plunged last year into its first deficit in more than a decade because of lower oil prices and investment income. Figures by the International Monetary Fund showed the country's current account, the difference between export and import of goods and services plus movement of funds, recorded a gap of around 3.1 per cent of real GDP in 2009 after maintaining a large surplus over the past 10 ...  >>MORE

UAE banks in a better position: Central Bank

Posted on 15/04/2010

UAE banks have strengthened their financial position following a sharp decline in liquidity in the wake of the global financial crisis, the Central Bank said yesterday, following a board meeting. A report by the Banking Supervisions and Examination Department, was reviewed at the meeting. "It showed a gradual improvement in banking indicators," the statement said. It gave no figures, but the bank's monthly indicators showed the consolidated assets of the banks grew by about Dh3bn to ...  >>MORE

UAE banks have enough liquidity, says Al Suwaidi

Posted on 07/04/2010

United Arab Emirates central bank Governor Sultan bin Nasser Al Suwaidi said the country's banking system has enough liquidity to meet the economy's needs. "The situation of liquidity and deposits in the banking system is normal and compatible with the economy and its needs at the moment,” Suwaidi said in an interview in the Sudanese capital, Khartoum. "The banks lend when there is demand, when there are big projects that require a lot of financing.” The cost of borrowing between UAE banks ...  >>MORE

UAE Central Bank keeps eye on inter-bank rates

Posted on 01/04/2010

The UAE Central Bank will keep looking at how to reduce the Gulf country's interbank offered rates and plans to meet with commercial banks on a regular basis, sources said yesterday. The Central Bank said last month that Eibor rates, based on quotes provided by a dozen banks, do not reflect true market lending rates, and that it wanted to consult the banks on how to bring them down. Three banking sources told Reuters that the Central Bank urged commercial banks at a meeting yesterday to ...  >>MORE

New provisioning regulations soon

Posted on 22/03/2010

UAE banks will soon be required to adhere to fresh regulations related to allocations for classified loans. The UAE Central Bank is said to be finalising regulations that pertain to setting aside allocations for personal, car and housing loans besides credit cards, Al Bayan has reported. According to the report, the mechanism used in the new regulations involves setting aside 50 per cent of the debt portfolio after 90 days of non-payment of instalments, 90 per cent after 180 days and 100 ...  >>MORE

The Central Bank of the UAE, Finland sign MoU

Posted on 20/02/2010

The Central Bank of the UAE announced yesterday that Abdulrahim Mohammed Al Awadi, Assistant Executive Director and Head of Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) of the UAE, signed here today Memorandum of Understanding (MoU), on anti money laundering, with Marku-Aho, Head of National Bureau of Investigation/Financial Intelligence Unit of Finland, at the margin of the joint FATF-MENAFATF plenary and the working Group meetings held at the Central Bank premises in Abu Dhabi. ...  >>MORE

UAE to step up efforts against money laundering

Posted on 18/02/2010

The UAE will step up its fight against money laundering and terrorist financing, the governor of the UAE Central Bank said. "There is no room for complacency in the fight against money laundering and terrorist financing,” Sultan bin Nasser Al Suwaidi said at a three-day joint plenary meeting of the Financial Action Task Force (FATF) and the Middle East and North Africa FAFT, which opened in Abu Dhabi on Wednesday. "Constant vigilance and global co-operation is the key to winning the ...  >>MORE

Central Bank signs MoU with Qatar's FIU

Posted on 17/02/2010

A Memorandum of understanding (MoU) was signed yesterday between Central Bank's the Anti - Money Laundering and Suspicious cases Unit (AMLSCU) and Qatar's Financial Information Unit (FIU). The MoU was signed on the sidelines of the joint FATF and MENAFATF meetings, currently held in Abu Dhabi. The MoU which calls for cooperation and exchange of information on money laundering and suspect terrorist funding transactions, was signed by Abdul Rahim Al Awadhi, Head of AMLSCU and Sheikh Ahmed bin ...  >>MORE

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Quick List

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


UAE cash base grows


UAE to post mid-single digit growth


Central bank to set new liquidity requirements for banks


UAE Central Bank announces increase in money supply


Tele-marketing of financial products banned in UAE


UAE is fully committed to combat nuclear proliferation and terrorism in all its forms: Al Suwaidi


Bank deposits increased by 0.7% during the month of January 2011: Central Bank


UAE Central Bank issues new system for bank loans and other services


UAE Central Bank foreign assets grow by Dh35 billion


Central Bank to check rising fees of banks


UAE financial system is safe: Central Bank


Money Supply M1 in November remained at the same level as in October at Dh231.4 billion


UAE Central Bank signs MoU with Maldives Monetary Authority


Central Bank to regulate dormant bank accounts


No plans to de-peg Dirham from Dollar: Al Suwaidi


UAE net foreign assets widen


Central Bank gets International Advisory Council


Central Bank projects 3-4 % growth


UAE Central Bank plans Sharia-compliant CDs


98% of Central Bank forex reserves in US dollar


Arab central banks must cooperate: Suwaidi


Central Bank cuts deposits by Dh16billion


UAE Central Bank issues silver coins to commemorate NCDR anniversary


UAE government slashes capital outflow in 2009


UAE Central Bank signs accord to share information and data


UAE economy to grow by 4pc


UAE set to issue Sharia deposit certificates


Lenders can deal with any crisis: Central Bank


Nearly all UAE's US$33bn forex reserves 'in dollars'


UAE sticking to dollar peg: CB


Al Suwaidi optimistic about UAE banking sector profits


UAE banks 'well capitalised to deal with defaults'


UAE to record huge current account surplus


UAE banks in a better position: Central Bank


UAE banks have enough liquidity, says Al Suwaidi


UAE Central Bank keeps eye on inter-bank rates


New provisioning regulations soon


The Central Bank of the UAE, Finland sign MoU


UAE to step up efforts against money laundering


Central Bank signs MoU with Qatar's FIU