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THE ECONOMY - CENTRAL BANK

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

UAE Central Bank to sign MoUs with 14 countries to combat money laundering and terrorism financing

Posted on 10/02/2010

UAE Central Bank announced yesterday that it will sign next week memoranda of understanding (MoU) with fourteen countries to coordinate efforts to counter money laundering and to combat terrorism financing and the related financial crimes. The MoU will be signed on the sidelines of the joint meeting of the International Working Group of Financial Action Task Force (FATF) and Middle East '&' North Africa Financial Action Task Force (MENAFATF) which will be held in Abu Dhabi between 14th and ...  >>MORE

UAE Central Bank received over 1700 reports on suspicious money laundering operations

Posted on 10/02/2010

Reports about suspicious money laundering transactions rose to 1729 in 2009 from 1170 in 2008, Deputy Executive Director of the UAE Central Bank and the Head of its Anti-Money Laundering '&' Suspicious Cases Unit (AMLSCU) Abdul Rahim Al Awadhi disclosed yesterday. Al Awadhi said at a press conference yesterday the rise in the number of reports underlines commitment by banking, financial, economic and commercial institutions and corporations to laws and regulations issued by the Central Bank ...  >>MORE

The Central Bank of the UAE presents IMF report on the country's dealing with repercussions of world financial crisis

Posted on 09/02/2010

Governor of the Central Bank of the UAE HE Sultan Nasser Al Suwaidi, has reiterated that the World Financial Crisis is over when it comes to the financial part, but its repercussions are still clear on the property and investment sectors. Al Suwaidi added at a press conference held here today at the UAE Central Bank's head office to announce the report of the executive council of the International Monetary Fund (IMF) discussed in Washington on Feb. 3, that the report commended the UAE ...  >>MORE

Banks don’t need government funds for now: Al Suwaidi

Posted on 03/02/2010

The country's economy is ‘resilient, with a 2.3 per cent rise in bank lending last year, so there is no need for the government to inject more liquidity into the banking system, said Sultan bin Nasser Al Suwaidi, the governor of the Central Bank of the UAE. "When there is a need, then of course we will consider, but there is no need for the time being,” Al Suwaidi told reporters in Abu Dhabi. "The liquidity is good,” he added. The Central Bank of the UAE and Ministry of Finance injected ...  >>MORE

UAE Central Bank sets July 31 deadline for new cheque norms

Posted on 24/01/2010

In line with the UAE Central Bank's requirements of security features on dirham cheques, banks in the country have begun asking their customers to mention "PDC deposit" clearly in case of post-dated cheques, Emirates Business has learnt. Failure to meet these requirements may result in rejection of such cheques. "Our customers are fully aware of this and they have until July 31 to comply. We have sent them communiqués on this requirement," Saif Al Shehhi, Senior General Manager, Domestic ...  >>MORE

Central Bank Governor: UAE banks face no liquidity problems

Posted on 07/01/2010

The banks in the UAE do not face any liquidity problems, but enjoy high liquidity and are not in need of any additional support, said the Governor of the UAE Central Bank HE Sultan Bin Nasser Al Suwaidi. In remarks made on the sidelines of the opening of the new headquarters of the Sharjah Islamic Bank (SIB), Al-Suwaidi also said that the global economic and financial crisis has stabilised somewhat, which reflected positively on the UAE. The economic growth in the UAE will not be ...  >>MORE

UAE banks have largest capital in Arab World

Posted on 27/12/2009

An intensive drive to bolster their financial position has sharply boosted the combined capital of the UAE banks and allowed the country to have the largest banking system in the Arab World, according to latest official figures. At the end of 2008, the shareholders equity of the UAE's 24 national banks and 28 foreign units stood at Dh165.5 billion, the highest in the region, showed the figures by the Arab Monetary Fund (AMF), a key Arab League institution. The report gave no data for 2009 ...  >>MORE

Money supply in UAE surges by Dh47bn

Posted on 24/12/2009

UAE money supply jumped by more than Dh47 billion in the third quarter of this year as a result of a sharp rise in the banks' combined assets. From around Dh674.3bn at the end of the third quarter of 2008, M2 surged to nearly Dh728.8bn at the end of the third quarter of 2009, a rise of 6.9 per cent, Central Bank figures showed. M2, covering currency in circulation, demand, savings and time deposits, had steadily grown this year from Dh692.9bn at the end of the first quarter to Dh718.1bn at ...  >>MORE

Central Bank to establish currency printing plant

Posted on 13/12/2009

The Central Bank of the UAE announced yesterday that it has started laying down the bases for constructing a purpose-built building to house its Currency Printing Plant, to print UAE Dirhams and other currencies. The Central Bank had invited some well-known International Companies specialising in the field of designing modern Currency Printing Plants. This building will be constructed on a plot of land granted recently by Abu Dhabi Municipality and located next to Central Bank Buildings ...  >>MORE

IMF hails UAE decision 
to ‘shore up’ banking system

Posted on 01/12/2009

Washington - The International Monetary Fund said that it welcomes the decision by the UAE central bank to pump liquidity into its banking sector. The IMF issued its comments after the central bank announced it had told UAE banks and foreign banks operating in the UAE "that is was making available to them a special additional liquidity facility linked to their accounts at the central bank.” The notification was widely seen as a move to calm markets and investor fears after state-controlled ...  >>MORE

Central Bank of the UAE backs UAE Banks, branches of foreign banks operating in the country

Posted on 29/11/2009

Central Bank of the UAE announced today that it stands behind UAE banks and branches of foreign banks operating in the country. Central Bank has issued a notice to the UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the Central bank, at the rate of 50 basis points above the three months EIBOR. The Central Bank stated that the UAE Banking System is more sound and liquid than a ...  >>MORE

United Arab Emirates is progressive dynamic economy, Governor Central

Posted on 23/11/2009

HE Sultan Nasser Al Suwaidi, the Central Bank Governor has said that United Arab Emirates has a very dynamic economy and it is progressing well. He added that time is needed to absorb liquidity since the country is very attractive in the region for tourism and investment. He said this while answering a query during an interactive session organised by National Media Council (NMC) for foreign journalists from 46 countries at ECSSR. These senior journalists are invited by NMC on the occasion ...  >>MORE

Central Bank Governor receives President of FRB of Kansas City

Posted on 18/11/2009

Governor of UAE Central Bank HE Sultan Bin Nasser Al Suwaidi received yesterday President of the Federal Reserve Bank of Kansas City Thomas M. Hoenig and the delegation accompanying him. During a meeting held at the Central Bank, the visiting dignitaries were given presentations highlighting the organisational structure of the UAE Central bank and its role and responsibilities in the UAE. A second presentation shed light on the UAE economy and the banking sector in the country. The GDP of ...  >>MORE

Central Bank adopts projected budget for fiscal year 2010

Posted on 09/11/2009

The Board of Directors of Central Bank of the UAE held its 14th meeting for the year 2009 under the chairmanship of H.E. Khalil Mohammed Sharif Foulathi, Chairman of the Board, and H.E. Sultan Bin Nasser Al Suwaidi, the Governor. The meeting was attended by Board Members, their Excellencies Younis Haji Khoori, Mubarak Rashid Al Mansouri, Hilal Khalfan Bin Dhahir, and Khalid Mohammed Salem Balama, as also the Deputy Governor H.E. Mohamed Ali Bin Zayed Al Falasi and a group of senior Central Bank ...  >>MORE

UAE leads GCC debt market in 2009

Posted on 08/11/2009

The debt market in Gulf oil producers rebounded by a staggering 64 per cent in the first nine months of 2009 and the UAE emerged as the leader in the issuance of conventional bonds, according to a Saudi investment fund. New issuances during the first nine months of this year touched US$36.9 billion (Dh135.4bn), including nearly US$32.1bn in conventional bonds, said NCB Capital, an offshoot of the National Commercial Bank, the largest Saudi bank. "The gloom surrounding the GCC debt markets ...  >>MORE

UAE plans new classification for loans by banks

Posted on 27/10/2009

The UAE Central Bank has informed lenders in the country of plans to introduce a new system for classifying loans and provisions, reported Sharjah-based Arabic daily Al Khaleej yesterday. The draft regulation specifies five loans categories ranging from "normal", "being monitored", "below normal", "recuperation doubtful" and "lost loans", said the paper. The circular – sent to all banks, investment and finance institutions in the UAE – said they have until Wednesday to express any opinions on ...  >>MORE

UAE economy today is much better than yesterday: Al Suweidi

Posted on 19/10/2009

Current situation of the UAE economy is much better than that of last year according to the International Monetary Fund (IMF), Governor of UAE Central Bank H.E. Sultan bin Nasser Al Suweidi said today. "The IMF predicts the UAE economy is nearing the point of balance and this positive result is attributed to China's allocation of US$ 580 billion to development which pushed average oil prices to $ 65 per barrel in 2009,' Al Suweidi said during a joint meeting with the Federation of Chambers of ...  >>MORE

UAE to take part in IMF, WB meetings

Posted on 04/10/2009

The UAE will take part in the International Monetary Fund and World Bank meetings, which will be held in Istanbul, Turkey, from Oct. 6-7. HE Obaid Humaid Al Tayer, State Minister for Financial Affairs, who is leading the UAE delegation to the meetings, said that the UAE participation comes in line with the directives from President His Highness Sheikh Khalifa bin Zayed Al Nahyan and follow up from Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin ...  >>MORE

13 UAE banks exposed to troubled Saudi groups

Posted on 29/09/2009

UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi confirmed yesterday that 13 local banks are exposed to the Saad and Algosaibi groups, but declined to specify the total amount owed by the Saudi family businesses. Speaking on the sidelines of the annual meeting of Arab central bankers, Al Suwaidi said the Central Bank will soon set the minimum amount to be set aside by each bank to cover the potential losses. "We have four categories of exposure and will announce the degree of provisions ...  >>MORE

Wage system to only cover dirham salaries

Posted on 27/09/2009

The UAE Central Bank has clarified that the newly introduced wages protection system (WPS) will entertain only salaries paid in dirham, said banking sources. The new system will ensure that all employees of companies with a workforce of not less than 100 receive their monthly salaries through a bank or exchange company pre-decided by the employer. There was confusion among banks as to how salaries paid in foreign currencies could be included in the WPS scheme, which is designed to handle only ...  >>MORE

Central Bank will keep low repo rates to boost growth

Posted on 17/09/2009

The United Arab Emirates central bank will keep interest rates low to spur growth, Governor Nasser Al Suweidi was quoted as saying on Wednesday, as the economy faces the possibility of contraction in 2009. Suweidi's comments were carried in an Arabic language daily. The UAE's overnight repurchase rate stands at 1 per cent. In contrast, interbank lending rates stand at 2.081 per cent for three months, 2.356 per cent at six months and 2.637 per cent for one year. "The prospects for UAE's ...  >>MORE

UAE to join hands with 82 nations to fight dirty funds

Posted on 07/09/2009

The UAE said yesterday it will sign new anti-money laundering agreements with 82 countries as part of an intensified strategy to combat dirty funds. The National Anti-Money Laundering Committee (NAMLC) discussed the plans at a meeting that also covered recent cases of currency fraud and other issues. The Central Bank, which organised the meeting in Dubai, said the committee heard that a memorandum of understanding (MoU) had so far been signed between the anti-money laundering unit and 21 ...  >>MORE

Central Bank sets new capital adequacy ratio

Posted on 02/09/2009

The UAE Central Bank asked lenders operating in the country to achieve a Tier 1 capital adequacy ratio of 7 per cent by September 30 and 8 per cent by June 30 next year. The banks also need to achieve an overall capital adequacy ratio, including Tier 1 and Tier 2, of 11 per cent by September 30 and 12 per cent by June 30 next year, according to a Central Bank circular. "These percentages shall be applied on a temporary basis, and will be re-examined at the beginning of 2011," the central ...  >>MORE

Central Bank reduces interest rate on liquidity support facilities to 1.5%

Posted on 01/09/2009

H.E. Khalil Mohamed Sharif Foulathi, Chairman of the Board of Directors of the Central Bank of UAE, announced today that, with effect from Tuesday, 1 September 2009, the interest rate on the liquidity support facilities to banks shall be reduced from 2.5% to 1.5%. Liquidity support facilities to banks is the mechanism whereby liquidity is injected into the banking system through discounting 1st class securities held by banks. This measure would basically reduce cost of economic activities in ...  >>MORE

Apex bank reviews steps to establish EIBOR

Posted on 30/08/2009

The Board of Directors of Central Bank of the UAE reviewed in its 11th meeting for the year 2009 a report presented by the Senior Executive Director of Treasury Department regarding the monetary position, which summarized the steps taken by Central Bank to establish an EIBOR in the UAE. The EIBOR panel will consist of 11 banks. The initiation of new procedure has already assisted in reduction in the current market rates. The bank amended the eligibility requirement for REPO transactions of ...  >>MORE

UAE Central Bank to set up EIBOR Panel

Posted on 27/08/2009

The United Arab Emirates central bank will set up a new 11-bank panel for the interbank offered rate with four extra local banks and two fewer international lenders, an official said on Wednesday. The central bank expressed dismay earlier this month at persistently high interbank rates, saying they did not reflect the market. It announced a new mechanism to determine the rates, prompting speculation it may overhaul the panel of providers. The four local banks to be added are First Gulf ...  >>MORE

UAE extends maturity of fixed-rate lending

Posted on 20/08/2009

The UAE Central Bank extended the maturity at which it lends money to commercial banks at a fixed rate to make borrowing cheaper. The banks will be allowed to borrow against certificates of deposit at the one per cent benchmark repurchase rate for up to a month compared with a limit of a week until now. The new repo facility started yesterday. "We hope this will help bring down interest rates," Mohammad Al Tamimi, assistant executive director of treasury in the UAE Central Bank, said in a ...  >>MORE

UAE Central Bank plans official Eibor

Posted on 05/08/2009

The UAE Central Bank said yesterday it was considering setting inter-bank interest rates to ensure fair dealings among the country's 52 banks and strengthen the largest banking system in the Arab World. The bank said it met representatives of the UAE banking sector on Monday to discuss the establishment of an Emirates Interbank Offered Rate (Eibor) "under the aegis of the Central Bank". Analysts said the move meant the Central Bank would exercise stronger control over financial operations of ...  >>MORE

UAE Central Bank likely to buy more Dubai bonds

Posted on 04/08/2009

The Central Bank of the United Arab Emirates probably will be among the biggest buyers of more bonds being sold by the Dubai government, Barclays Capital said. The Central Bank may subscribe alongside a few Dubai-based banks, Barclays Capital economist Alia Moubayed said in e-mailed comments. Central Bank Governor Sultan bin Nasser Al Suwaidi said on July 15 the UAE may buy part of Dubai's bond sale after purchasing the first tranche in February. Dubai is raising funds to help ...  >>MORE

UAE balance of payment falls into deficit in 2008

Posted on 23/07/2009

Heavy capital outflow by banks allied with a surge in imports and lower investment income to plunge the UAE's balance of payment (BoP) into a record deficit in 2008 after several years of large surpluses, official data showed yesterday. The BoP recorded its highest deficit last year although the UAE netted its largest ever oil income after crude prices climbed to record high average and the country pumped at one of its highest oil production levels. After leaping by nearly eight times in ...  >>MORE

Central Bank cuts foreign assets to lowest in 5 years

Posted on 23/07/2009

The Central Bank has slashed its foreign assets to one of its lowest levels in more than five years although its total assets have remained high. Figures released by the Central Bank yesterday showed foreign assets tumbled to about Dh88.4 billion at the end of the first quarter of 2009 from Dh113bn at the end of 2008 and a record Dh285.6bn at the end of 2007. But total assets rebounded to about Dh201.4bn at the end of March from Dh193.7bn at the end of 2008 after climbing to Dh285.9bn at the ...  >>MORE

Government boosts deposits with banks

Posted on 23/07/2009

The UAE Government boosted its deposits with local banks by nearly Dh28 billion in March after a sharp decline in private sector deposits because of lower interest rates and business slowdown, official statistics showed yesterday. The Central Bank also reported a sharp fall in the deposits by foreign banks as many of them continued to repatriate capital they had invested in the UAE to take advantage of a possible appreciation of the local currency against the US dollar. From about Dh180.3bn ...  >>MORE

UAE and Montenegro sign anti-money laundering MoU

Posted on 07/07/2009

The UAE and Montenegro signed yesterday a Memorandum of Understanding (MoU) for joint cooperation in combating money laundering and terrorist financing. The memo was signed following a meeting held by HE Sultan Nasser Al Suweidi, Governor of the UAE Central Bank and Chairman of the National Anti-money Laundering Committee, with a visiting delegation from Montenegro led by Predrag Mitrovic, Director of the Administration for the Prevention of Money Laundering. Abdulrahim Mohamed Al Awadi, ...  >>MORE

New federal law to back banks’ bonds

Posted on 29/06/2009

In a bid to boost liquidity in the banking sector and stimulate lending, a new law that extends a federal government guarantee to bonds issued by local banks is in the offing, according to UAE Central Bank Governor Sultan bin Nasser Al Suwaidi. The governor said that he expects the government to discuss the proposed law this week. If the government approves it, the law could take effect within four weeks, Al Suwaidi said on the sidelines of the annual meeting of central bank governors in ...  >>MORE

UAE stimulus plan high as percentage of GDP

Posted on 28/06/2009

The UAE's anti-crisis stimulus measures as a percentage of gross domestic product (GDP) are the largest among global emerging markets, ahead of similar programmes in China, Russia, Kuwait and Hong Kong. The UAE Central Bank has put in place two support packages worth Dh120 billion to boost liquidity. It has also guaranteed bank deposits and allowed lenders to perform dirham-dollar swaps. The Abu Dhabi Government pumped about Dh16bn into a recapitalisation exercise involving five banks. These ...  >>MORE

UAE regulators join hands to ensure probity

Posted on 24/06/2009

The UAE's regulatory and supervisory authorities are stepping up efforts to work together to tackle the growing number of suspicious financial transactions being reported. This year 6,198 cases have been reported to the Central Bank until May, and the number could eventually cross 15,000, according to Saeed Abdullah Al Hamiz, senior executive director of banking supervision at the Central Bank. In 2008, 13,101 cases were reported to the Central Bank. Speaking at a briefing on Tuesday, Al ...  >>MORE

UAE monetary authority plans new guidelines for lenders

Posted on 19/06/2009

The UAE Central Bank has drawn up guidelines on corporate governance in the banking sector in a bid to increase confidence in banks and improve transparency and disclosure standards. The new guidelines are the first such update of existing corporate governance standards in seven years. "Commercial banks are leading contributors to a successful UAE economy and are expected to show the way on high management standards and corporate governance," Central Bank Governor Sultan Bin Nasser Al Suwaidi ...  >>MORE

Trucks' pile up at UAE-Saudi border has nothing to do with UAE withdrawal from GCC single currency agreement

Posted on 18/06/2009

Riyadh - Prince Naif bin Abdulaziz, the Second Deputy Premier and Interior Minister, denied media reports which said that over-crowding at Al-Bat'ha border outlet was due to the withdrawal of the United Arab Emirates GCC Single Currency Union agreement. "It was, in fact, as a result of over-crowding to complete the required procedures pertaining to fingerprinting, he told the pressmen here last night after launching the strategic plan of the General Presidency for Commissions for the ...  >>MORE

Bank will not curb lending to family-owned businesses

Posted on 17/06/2009

The Central Bank said yesterday it has no plans to ask the country's 52 banks to stop lending to family-run businesses following the financial troubles of Saudi Saad and Al Gossaibi groups. Central Bank Governor Sultan bin Nasser Al Suwaidi said he is not worried about the decision by some Gulf countries to freeze the accounts of those two groups, as he feels the decision "is not part of a trend". Suwaidi was asked by Emirates Business whether the UAE banks would be told to monitor their ...  >>MORE

Ministerial Committee meets all banks to discuss liquidity of the UAE banking sector

Posted on 11/06/2009

In its third meeting since inception with all UAE banks, the UAE Ministerial Committee yesterday discussed the liquidity of the UAE banking sector and the changes that have been seen after the ministerial committee announced its actions to support the sector. In the meeting, the UAE Ministerial Committee presented an overview of favourable developments in the banking sector since September 2008 while the national banks provided an update on their current position regarding liquidity and their ...  >>MORE

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Quick List

Central Bank signs MoU with Qatar's FIU


UAE Central Bank to sign MoUs with 14 countries to combat money laundering and terrorism financing


UAE Central Bank received over 1700 reports on suspicious money laundering operations


The Central Bank of the UAE presents IMF report on the country's dealing with repercussions of world financial crisis


Banks don’t need government funds for now: Al Suwaidi


UAE Central Bank sets July 31 deadline for new cheque norms


Central Bank Governor: UAE banks face no liquidity problems


UAE banks have largest capital in Arab World


Money supply in UAE surges by Dh47bn


Central Bank to establish currency printing plant


IMF hails UAE decision 
to ‘shore up’ banking system


Central Bank of the UAE backs UAE Banks, branches of foreign banks operating in the country


United Arab Emirates is progressive dynamic economy, Governor Central


Central Bank Governor receives President of FRB of Kansas City


Central Bank adopts projected budget for fiscal year 2010


UAE leads GCC debt market in 2009


UAE plans new classification for loans by banks


UAE economy today is much better than yesterday: Al Suweidi


UAE to take part in IMF, WB meetings


13 UAE banks exposed to troubled Saudi groups


Wage system to only cover dirham salaries


Central Bank will keep low repo rates to boost growth


UAE to join hands with 82 nations to fight dirty funds


Central Bank sets new capital adequacy ratio


Central Bank reduces interest rate on liquidity support facilities to 1.5%


Apex bank reviews steps to establish EIBOR


UAE Central Bank to set up EIBOR Panel


UAE extends maturity of fixed-rate lending


UAE Central Bank plans official Eibor


UAE Central Bank likely to buy more Dubai bonds


UAE balance of payment falls into deficit in 2008


Central Bank cuts foreign assets to lowest in 5 years


Government boosts deposits with banks


UAE and Montenegro sign anti-money laundering MoU


New federal law to back banks’ bonds


UAE stimulus plan high as percentage of GDP


UAE regulators join hands to ensure probity


UAE monetary authority plans new guidelines for lenders


Trucks' pile up at UAE-Saudi border has nothing to do with UAE withdrawal from GCC single currency agreement


Bank will not curb lending to family-owned businesses


Ministerial Committee meets all banks to discuss liquidity of the UAE banking sector