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THE ECONOMY - CENTRAL BANK

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

Gargash underscores UAE's stance on withdrawal from GCC Monetary Union

Posted on 09/06/2009

Minister of State for Foreign Affairs, Dr. Anwar Mohammed Gargash, has reiterated the UAE's stance of withdrawing from the GCC Monetary Union. "We still stand by our decision of withdrawing from the monetary union," he said in a statement last night soon after a meeting of the foreign ministers of member states of the Gulf Cooperation Council (GCC). The ministers met to discuss a paper presented by Qatar on activating the GCC march. "The UAE has made its stance public and clear... This is a ...  >>MORE

UAE signs 17 accords to fight money laundering

Posted on 03/06/2009

The UAE Central Bank yesterday announced the signing of anti-money laundering agreements with 19 countries. The memorandum of understanding (MOU) firmed up last month by the central bank's Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) demonstrates the UAE's commitment to share financial information with its global partners to coordinate the efforts against money laundering, terrorist financing and related crimes. Seventeen of the MOUs were signed in Doha, Qatar while the pact with ...  >>MORE

Dollar to stay as UAE reserve currency

Posted on 01/06/2009

The current weakness in the dollar is a "temporary situation" and nothing could replace it as a reserve currency, the UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said on Sunday. "The dollar is the currency of international trade, not the euro. It is the currency for investment," he said Speaking to reporters here on the sidelines of a Memorandum of Understanding signing ceremony between the Anti-Money Laundering and Suspicious Cases Unit of the UAE Central Bank and the Financial ...  >>MORE

UAE sticking to dollar forex reserves: Suweidi

Posted on 31/05/2009

Marrakech - The United Arab Emirates is not diversifying its foreign currency reserves away from the dollar and its real estate problems have been exaggerated, the central bank chief Sultan Nasser Al-Suweidi said on Friday. Gulf countries have seen ambitious growth plans jolted by the global downturn, as oil and revenues have fallen and the construction and real estate sectors have slowed. "We are not diversifying our foreign currency reserves. We are sticking to the dollar," central bank ...  >>MORE

Liquidity gap in UAE narrowing

Posted on 27/05/2009

The difference between commercial bank loans and deposits in the UAE is narrowing and will be "eliminated", Central Bank Governor Sultan Bin Nasser Al Suwaidi said. Al Suwaidi, speaking to reporters in Abu Dhabi, didn't specify the size of the deficit. He said on May 7 that it had shrunk to about Dh91 billion from Dh110 billion in March as local bank deposits increased. The so-called liquidity gap had widened as foreign investors pulled money out of Gulf banks because of the global crisis. ...  >>MORE

UAE needs no mediation on monetary union decision

Posted on 26/05/2009

Minister of State for Foreign Affairs H.E. Dr Anwar Mohammed Gargash has affirmed that the UAE needs no mediation with fellow GCC countries over its decision to withdraw from the Gulf monetary union. Gargash was quoted yesterday by the Kuwait News Agency (KUNA) as saying the UAE was an active Gulf state that supported the GCC and had open communication channels with other member states. "Having different views on some issues is a normal matter," he told KUNA. The UAE withdrew from the ...  >>MORE

Decision to select GCC central bank politically motivated

Posted on 23/05/2009

Central Bank Governor Sultan bin Nasser Al Suwaidi said the decision to select Riyadh to host the GCC central bank was politically motivated and did not take into consideration UAE's competitive advantages. "The decision ignored the competitive advantages enjoyed by the UAE and its banking sector, including having the largest number of banks, largest assets and largest deposits in the region. Additionally, UAE contributes 50 percent of the GCC's international money transfer," Al Suwaidi said. ...  >>MORE

UAE not interested in GCC monetary union... for the time being: FM

Posted on 22/05/2009

Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan said yesterday he believes there is still a chance for solution to the UAE joining of the GCC monetary union. "I do not say that the door has been firmly closed. In politics, nothing is over. Nevertheless, I say we are not interested for the time being," Sheikh Abdullah told reporters in Riga today capital after meeting Latvian Prime Minister Valdis Dombrovskis. Sheikh Abdullah pointed out that UAE's decision to pull out from the GCC ...  >>MORE

Decision to walk out from GCC Monetary Union dictated by new economic priorities in the UAE: Khalfan Al Ka'abi

Posted on 22/05/2009

The UAE decision not to take part in a proposed GCC Monetary Union is attributed to given economic priorities dictated by the UAE economic interest in the light of World Financial Crisis, said Khalfan Saeed Al Ka'abi, head of the Emirates Economic Centre and Chairman of Ascorp Holdings. "The decision follows a study of the global economy and its effects on the local economy. These findings of the study require a change in current directions by giving priority to future of the national ...  >>MORE

Central Bank to amend interest rates on personal loans

Posted on 22/05/2009

The Central Bank of UAE reviewed yesterday a proposal for amending interest rates and charges on personal loans and decided to seek opinions of banks on the system. At its 8th meeting held on Wednesday under the chairmanship of H.E. Khalil Mohammed Sharif Foulathi, Chairman, the Board of Directors of the Central Bank also reviewed a report of Senior Executive Director of Treasury Department regarding the monetary position. The Senior Executive Director of the Banking Supervision and ...  >>MORE

UAE will not be party to GCC monetary union agreement

Posted on 21/05/2009

The UAE has decided not to take part in the proposed monetary union agreement between the states of the Gulf Cooperation Council, an official source at the Foreign Ministry said on Wednesday. The source said the General Secretariat of the Gulf Cooperation Council (GCC) has been officially notified yesterday of the UAE's decision. "The UAE extends its best wishes for success to those GCC member states who will join the monetary union agreement," the source said. The source further said that ...  >>MORE

UAE first in bank assets, deposits: Central Bank Governor

Posted on 20/05/2009

The UAE is considered the first Arab country in terms of bank deposits and assets, said the Central Bank Governor H.E. Sultan Nasser Al Suwaidi. Addressing a session of the Federal National Council (FNC) yesterday, Al Suwaidi said the total deposits in the UAE banks is estimated at Dh1.250 trillion, while inter-bank deposits accounted for 11 percent of the total deposits. Al Suwaidi said the country's decision to increase in the interest rate was due to the fact that foreign banks and other ...  >>MORE

Riyadh wants to know areas of the UAE's reservation over GCC central bank H.Q

Posted on 13/05/2009

Riyadh - Saudi Foreign Minister HRH Prince Saud al-Faisal said Riyadh wanted to know why the United Arab Emirates expressed reservation over choice of Riyadh as the planned location of the Gulf central bank. "We want to know what are the areas of the UAE's reservation (over the relative decision by Gulf Cooperation Council) and how to remove them", said al-Faisal at a joint news conference in Riyadh with his Dutch counterpart Maxime Verhagen. "We will continue working on this issue and hope a ...  >>MORE

UAE per capita remains strong

Posted on 07/05/2009

The UAE's per capita income will remain one of the highest in the world despite the economic slowdown and low price of oil. According to Prof Abdulrazaq Al Faris, Chief Economist and CEO of Dubai Economic Council (DEC), the current UAE per capita stands at Dh95,000, which is 5.6 per cent higher than World Bank's estimate of $24,500 (Dh89,900). "The UAE per capita income will still be one of the highest, maybe not the highest. We have been on the top 30 for a while and will continue to be. The ...  >>MORE

UAE's Central Bank discusses ratios for banks to avoid major risks during financial crisis

Posted on 05/05/2009

The Board of Directors of Central Bank of the UAE held its 7th 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 their Excellencies Younis Haji Khoori, Mubarak Rashid Al Mansouri, Khalid Mohammed Salem Balama, Board Members, also H.E. Mohamed Ali Bin Zayed Al Falasi Deputy Governor and a group of senior Central Bank staff. The Board approved minutes ...  >>MORE

UAE Central Bank Governor attends IMF-World Bank meetings in Washington

Posted on 27/04/2009

Washington, D.C. - UAE Central Bank Governor, Sultan bin Nasser Al-Suwaidi, recently visited Washington, DC, where he attended the International Monetary Fund (IMF)/World Bank Group spring meeting. At the IMF/World Bank meeting, the UAE Central Bank Governor called on IMF members to adopt long-term policies that will help prevent future economic downturns of this scope and magnitude, and to "move decisively on ratifying agreements for a new income model." The IMF/World Bank Group meeting is ...  >>MORE

UAE to monitor liquidity and assets quality up to 2010: Senior Central Banker

Posted on 27/04/2009

Essentially liquidity and assets quality will be the focus of the UAE monetary and financial authorities for the rest of 2009 and 2010, a senior UAE central banker said today. "It is reassuring to see that UAE banks have become more cautious and that the loan growth for this year is, so far on an annual basis, close to the 10% Central Bank target, said Saeed Abdullah Al Hamiz, Senior Executive Director, Banking Supervision and Examination Department, Central Bank of the UAE, told the Swiss-UAE ...  >>MORE

Central Bank posts net profit of Dh 3.8 bn in 2008

Posted on 15/04/2009

The Board of the UAE Central Bank approved the bank's Balance Sheet and Profit '&' Loss account for the year ending 31/12/2008 following the completion of its auditing by the Central Bank's external auditors Ernst '&' Young. The Balance Sheet and Profit '&' Loss account items included the following: Assets and liabilities amounted to Dh 193.7 billion as at the end of 2008. compared to Dh 285.9 billion at the end of 2007. Net profit of Dh 3,832,285,584.26 as at 31/12/2008 compared to net ...  >>MORE

No immediate interest rates cut

Posted on 26/03/2009

The UAE economy surged ahead last year at an unexpectedly fast clip of 7.4 per cent, thanks largely to soaring oil prices, the Ministry of Economy said on Wednesday. The price of crude has come down since, and the global financial crisis has intensified. In spite of the slowdown, UAE Central Bank Governor Sultan bin Nasser Al Suwaidi, meeting with counterparts from other Gulf countries in Bahrain, said he was not now considering cutting interest rates to try to stimulate the economy. "We ...  >>MORE

UAE, Singapore sign MoU on banking cooperation

Posted on 25/03/2009

The UAE Central Bank and the Monetary Authority of Singapore Tuesday signed a memorandum of understanding (MoU) on a mechanism of cooperation in the area of monitoring and supervision of banks and financial institutions operating the two countries. UAE Central Bank Governor, Sultan bin Nasir Al-Suwaidi, signed the MoU for the UAE side, while Acting Managing Director of the Monetary Authority of Singapore, Ms. Teo Swee Lian, signed for her side in a short ceremony which was held at the Emirates ...  >>MORE

Banks welcome rate cut plan to boost liquidity

Posted on 19/03/2009

Banks have responded positively to Central Bank governor Sultan Bin Nasser Al Suwaidi's comments about plans to cut interest rates soon and the effectiveness of federal measures to improve liquidity. "The monetary policy in the UAE will continue to be geared to maintaining low official interest rates to maintain some positive economic growth in the coming few years. The credit and banking policy will emphasise a reasonable but low rate of credit expansion and restricted banking expansion," Al ...  >>MORE

Central Bank to set up task force

Posted on 05/03/2009

The UAE Central Bank decided yesterday to set up a joint task force with the country's banks to discuss further measures to face the global crisis. The Central Bank took the decision at a meeting between its Board and representatives of the UAE's 24 national banks and 28 foreign units. The bankers told the CB's Board the recent measures taken by the Central Bank and the government to inject funds into the country's banks had supported their operations and allowed them to deal with the ...  >>MORE

UAE Central Bank and SCA sign MOU

Posted on 26/02/2009

Central Bank of the UAE and the Securities and Commodities Authority (SCA)-UAE signed yesterday a Memorandum of Understanding (MOU) for streamlining the mechanism of cooperation between the two sides in the field of legislation that regulate the activities of financial institutions operating in the securities markets, as well as for licensing institutions in the related field. The MOU also calls for co-operation, exchange of supervisory information regarding Anti-money laundering, combating of ...  >>MORE

DFSA signs MoU with UAE central bank

Posted on 24/02/2009

The Dubai Financial Services Authority (DFSA) entered yesterday into a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE), regarding co-operation and exchange of regulatory information. The MoU was signed by Paul Koster, Chief Executive of the DFSA, and Saeed Abdulla Al-Hamiz, Executive Director, Banking Supervision and Examination Department, CBUAE. The signing ceremony took place at the Central Bank in Abu Dhabi in the presence of His Excellency ...  >>MORE

Central Bank online unit to settle disputes

Posted on 22/02/2009

The UAE Central Bank has created an online unit to settle disputes among banks and other monetary problems within plans to step up its supervision of the financial sector and shield it from the fallout of the global economic turmoil. Banks, exchange houses and other financial and investment companies operating in the UAE can now lodge a complaint with the Central Bank directly through its online "Complaints and Suggestions” section. The Central Bank said lenders can also use the new unit to ...  >>MORE

Liquidity stable in UAE banks: Al Suwaidi

Posted on 21/02/2009

As liquidity is stable in the UAE banks, the lending rate is registering slight growth, said UAE Central Bank Governor HE Sultan Nasser Al Suwaidi, at a gathering held yesterday in Abu Dhabi by the Bank of New York Mellon. "The banks' consolidated balance sheet for January 2009 showed a slight increase in loans and advances over the figure of last December, which means the banks are still lending to different businesses, even though the rate of lending stayed at a single digit," he added. Al ...  >>MORE

Move to cut interest rate on corporate deposits in offing

Posted on 20/02/2009

The Central Bank of the UAE and the Ministry of Finance aim to reduce the interest rates that banks pay on corporate deposits so as to improve their loan-to-deposit ratios and spur them to resume lending. Recent capital injections of Dh120 billion by the federal government and Dh16 billion by Abu Dhabi into its banks have so far not motivated a resumption in lending. Bankers say this is because their loans still outweigh their deposits to an uncomfortable degree. "We want to break the ...  >>MORE

UAE and Turkey sign agreement

Posted on 20/02/2009

The UAE Central Bank said yesterday it has signed a Memorandum of Understanding (MoU) with the Banking Regulation and Supervision Agency of Turkey on Tuesday, regarding supervisory cooperation and exchange of information. Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, signed the MOU on behalf of the Central Bank of the UAE and Tevfik Bilgin, Chairman of the Banking Regulation and Supervision Agency of Turkey signed the MOU on behalf of the agency, in the presence of Zafer ...  >>MORE

UAE's liquidity now in much better position, says Suwaidi

Posted on 18/02/2009

A liquidity problem that hit UAE banks because of the global credit distress has largely eased as they have completely ceased using an emergency fund facility offered by the government, the Central Bank Governor said yesterday. After withdrawing around Dh10 billion of the Dh50bn facility announced by the Central Bank in late 2008, the country's 52 banks have totally stopped their requests to benefit from those funds, Sultan bin Nassir Al Suwaidi said. "This facility has not been needed to a ...  >>MORE

UAE economy forging ahead despite global slowdown

Posted on 11/02/2009

The UAE economy is stable and steaming ahead with confident steps despite the abrupt international financial crisis, a joint statement by the Federation of Chambers of Commerce and Industry (FCCI) and the UAE Central Bank affirmed yesterday. 'The UAE is still making economic gains in various sectors amid the recent prompt measures taken by the government under the leadership of President H.H. Sheikh Khalifa bin Zayed Al Nahyan and Vice President and Prime Minister of the UAE and Ruler of Dubai ...  >>MORE

UAE securities and properties affected by world financial crisis: Al Suweidi

Posted on 03/02/2009

The UAE, like the other countries of the world, has been affected by the current international financial crisis in term of valuation of securities and properties, Governor of the UAE Central Bank HE Sultan bin Nasser Al Suweidi said yesterday. 'The apex bank views the slump in securities and prices as a correct and natural move as is happening in international markets ............low cost will definitely will contribute to sharpening the UAE's competitive edge in term of luring investment in ...  >>MORE

Central Bank operates UAESWITCH service

Posted on 02/02/2009

Central Bank of the UAE is operating the UAESWITCH service which links the ATM networks of all banks in the UAE. This enables customers of banks to use any ATM in the UAE; the UAESWITCH is also connected to the ATM switch services in other GCC countries, thereby enabling bank customers to carry out cash withdrawals on any ATM in the Gulf countries displaying the GCCNET logo. A statement from the Central Bank said that the safety and security of transactions through the UAESWITCH is of the ...  >>MORE

Central Bank to scrutinise bank assets: Al Suwaidi

Posted on 27/01/2009

The central bank of the United Arab Emirates will examine bank balance sheets to assess asset quality in the wake of the global financial crisis, Governor Sultan bin Nasser Al Suwaidi said. Banks are required to give details on every loan above Dh10 million (US$2.72 million), al-Suwaidi said in note sent to banks. "This exercise is comprehensive as it is necessary to identify carefully the nature and value of impairment of the assets of banks,” Al Suwaidi said. UAE-based banks face ...  >>MORE

Banks use less than 15% of facility provided by government: Al Suweidi

Posted on 22/01/2009

Banks operating in the country used less than 15 per cent of the facility made available to them by the government in light of the world financial crisis, an indication of the increasing liquidity with these banks, UAE Central Bank Governor Sultan bin Nasser Al Suweidi disclosed today. 'The banks didn't resort to the facility offered by the bank and the government and this underscores sound position of liquidity and its adequate availability with these banks, Al Suweidi said following talks ...  >>MORE

UAE Central Bank slashes rates

Posted on 20/01/2009

The UAE Central Bank announced today that it has slashed the rate on its re-purchase of Certificate of Deposit (REPO) by 50 basic points to 1pc with effect from today (Monday). The decision was taken yesterday at a meeting presided over by HE Khalil Mohammed Sherif Folathi, Chairman of the Board of Directors of UAE Central Bank after reviewing the interest rates in the regional and global markets. Foulathi said that the move will support the local economic activity and strengthen the trust and ...  >>MORE

Marked reduction in EBOR rate: Central Bank

Posted on 08/01/2009

Central Bank of the UAE announced yesterday that since the launch of its Dollar/Dirham swap facility, there has been a noticeable reduction in EBOR rate. While this decrease is more pronounced at the short end (1 month period), the longer term rates between 2-12 months have also seen decreases. The fall in the one month rate is evident from the accompanying chart which presents EBOR 1 month rates from July, 2008 till present. "Central Bank has provided banks operating in the UAE with Dirham ...  >>MORE

Central Bank on tap as lenders look to offset decline in deposits

Posted on 08/01/2009

Banks in the UAE continued to withdraw their funds from the Central Bank in the second half of 2008 to offset a sharp drop in deposits caused by the exit of foreign hot money, official figures showed yesterday. After regaining nearly Dh69 billion in the second quarter, the country's 24 national banks and 28 foreign units withdrew a further Dh63bn between June and October, showed the figures by the Central Bank. The withdrawal was reflected in a sharp decline in the Central Bank's certificates ...  >>MORE

UAE has no liquidity problems, says Al Suweidi

Posted on 16/12/2008

The UAE has no liquidity problems, said Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank. The UAE Central Bank chief attributed the current global credit crisis to high inter-banks lending rates. Al Suweidi predicted a slight decline in UAE's economic growth as compared to high growth rates in the previous years. "The impact of the current global financial crisis will be felt severely next year across the globe", Al Suweidi told reporters here today. Al Suweidi said that the ...  >>MORE

UAE issues licence to three corporate banks

Posted on 16/12/2008

The UAE Central Bank said yesterday it had issued wholesale banking licences to Deutsche Bank, Bank of Tokyo-Mitsubishi UFJ and Industrial and Commercial Bank of China. Under the new licence, the banks will be able to take deposits and provide loans to institutions. The banks "applied for licences in the UAE several years ago. We see the licensing of these banks during current global conditions as positive," the UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said. "They are business ...  >>MORE

UAE CB, Banks Assoc. discuss sector's situation

Posted on 15/12/2008

Governor of the Central Bank of the UAE Sultan Nasser Al- Suwaidi and a delegation from Emirates Banks Association led by Ahmed Humaid Al Tayer Deputy Chairman of the Association yesterday discussed the situation of the UAE's baking sector and the global economic situation, according to a press release by the Central Bank. Al Tayer said he appreciated the steps taken by the Central Bank and the Government to support the banking sector and provide facilities to help banks to face the ...  >>MORE

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Quick List

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


Gargash underscores UAE's stance on withdrawal from GCC Monetary Union


UAE signs 17 accords to fight money laundering


Dollar to stay as UAE reserve currency


UAE sticking to dollar forex reserves: Suweidi


Liquidity gap in UAE narrowing


UAE needs no mediation on monetary union decision


Decision to select GCC central bank politically motivated


UAE not interested in GCC monetary union... for the time being: FM


Decision to walk out from GCC Monetary Union dictated by new economic priorities in the UAE: Khalfan Al Ka'abi


Central Bank to amend interest rates on personal loans


UAE will not be party to GCC monetary union agreement


UAE first in bank assets, deposits: Central Bank Governor


Riyadh wants to know areas of the UAE's reservation over GCC central bank H.Q


UAE per capita remains strong


UAE's Central Bank discusses ratios for banks to avoid major risks during financial crisis


UAE Central Bank Governor attends IMF-World Bank meetings in Washington


UAE to monitor liquidity and assets quality up to 2010: Senior Central Banker


Central Bank posts net profit of Dh 3.8 bn in 2008


No immediate interest rates cut


UAE, Singapore sign MoU on banking cooperation


Banks welcome rate cut plan to boost liquidity


Central Bank to set up task force


UAE Central Bank and SCA sign MOU


DFSA signs MoU with UAE central bank


Central Bank online unit to settle disputes


Liquidity stable in UAE banks: Al Suwaidi


Move to cut interest rate on corporate deposits in offing


UAE and Turkey sign agreement


UAE's liquidity now in much better position, says Suwaidi


UAE economy forging ahead despite global slowdown


UAE securities and properties affected by world financial crisis: Al Suweidi


Central Bank operates UAESWITCH service


Central Bank to scrutinise bank assets: Al Suwaidi


Banks use less than 15% of facility provided by government: Al Suweidi


UAE Central Bank slashes rates


Marked reduction in EBOR rate: Central Bank


Central Bank on tap as lenders look to offset decline in deposits


UAE has no liquidity problems, says Al Suweidi


UAE issues licence to three corporate banks


UAE CB, Banks Assoc. discuss sector's situation