We are in the process of developing and improving our website, and we invite you to participate in our brief survey to measure the level of your satisfaction
Satisfaction Survey For UAE Interact Website
رغبة منا بالتعرف على مستوى رضاكم عن موقعنا وبهدف تطويره وتحسينه، فقد قمنا بتصميم استبيان سريع لقياس مدى الرضا عن موقع دولة الإمارات العربية المتحدة روعي في تصميم الاستبيان أن يكون قصيرا وسريعا كي لا نطيل عليكم، وعليه نرجو منكم التكرم باستكماله عن طريق الرابط التالي
استبيان رضا المتعاملين عن موقع دولة الإمارات العربية المتحدة

THE ECONOMY - CENTRAL BANK

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

Growth in GDP will fall to single digit, says Suwaidi

Posted on 12/12/2008

The UAE is poised for two years of slow economic growth, the Central Bank Governor said yesterday. Growth in gross domestic product (GDP) would fall to low-single-digit levels in 2009 and 2010, Sultan Nasser al Suwaidi said. However, a slump in the Emirates' booming property sector would be limited as the country continues to adopt an expansionary fiscal policy, although the country would take steps to ring-fence its banking system, Suwaidi said. "The present global financial crisis will ...  >>MORE

UAE expects inflation to dampen

Posted on 22/11/2008

The UAE, the second-largest Arab economy, expects inflation to ease to 10 per cent this year from at least 11.1 per cent in 2007, a local Arabic newspaper reported on Friday. The daily quoted Economy Minister Sultan Bin Saeed Al Mansouri as saying that inflation, which had been driven up by soaring commodities prices and weakness in the dollar, was expected to ease next year as oil prices fall. The UAE, the world's fifth-largest oil exporter, pegs its dirham to the greenback, which had fallen ...  >>MORE

Banks slash deposits with Central Bank by Dh60bn

Posted on 17/11/2008

UAE banks slashed their deposits with the Central Bank by more than Dh60 billion in the first half to quench their thirst for liquidity following a sharp growth in domestic demand for credit, the Central Bank said yesterday. The cut was reflected in a large decline in the Central Bank's foreign assets and a steep increase in real estate loans and other credits. From Dh231.1bn at the end of 2007, the deposits of the UAE's 24 national banks and 28 foreign units with the Central Bank tumbled to ...  >>MORE

Central Bank task force set up

Posted on 13/11/2008

The Central Bank has set up a task force that could help the country's financial industry deal with the global economic downturn, a person familiar with the initiative said. The task force, known as the Financial Stability Unit, will "keep an eye" on potential threats to the financial system in the Gulf's second-largest economy after Saudi Arabia, according to the person. The central bank also issued a statement yesterday saying that its board is studying proposals with the Ministry of ...  >>MORE

UAE lays down adequate framework to fight money laundering: Al Suweidi

Posted on 11/11/2008

Money laundering and financing of terrorism have seen drastic transformations by use of modern technology, producing therefore new challenges, UAE Central Bank governor admitted yesterday. 'We should realise that abuse of modern technology by criminals and terrorists is possible ....we believe exchange of information in this regards will bolster joint efforts and provide a better ground for work,' Sultan Nasser Al Suweidi said at the opening of the 8th meeting of the Middle East and North ...  >>MORE

UAE sells dollars at same-day value

Posted on 08/11/2008

The UAE Central Bank said on Thursday it had begun selling dollars to banks at the same day value in a move aimed at easing tensions in the interbank market. The central bank previously sold dollars at spot value, meaning the deal was settled two days later in line with international norms. The new rules would improve banks' access to dollars after the government's decision to inject emergency funds into the financial system to ease the effects of the global credit squeeze left the banks ...  >>MORE

Al Suwaidi says crisis is transitional

Posted on 29/10/2008

The Governor of the UAE Central Bank yesterday blamed foreign investors and panicking small dealers for persistent turbulence in the Gulf stock markets but played down the upheaval as a transitional reaction to the global fiscal crisis. Sultan bin Nassir Al Suwaidi said the UAE and its partners in the six-nation Gulf Co-operation Council (GCC) should not underestimate the international financial crisis and urged them to be careful despite its minimal impact on the region. Suwaidi said this as ...  >>MORE

Banking system confidence boosted by government measures: CB Governor

Posted on 28/10/2008

The Central Bank Governor, Sultan bin Nasir Al-Suwaidi, has said that banks in the UAE used only 15% of the first tranche of the total facility of Dh50 billion bailout facility provided by the Central Bank, and this, he added, shows that the banks do not need more liquidity. He pointed out that the measures taken by the government to pump in Dh70 billion more into the economy and to provide guarantee for assets had boosted the confidence of the banking system in the country. He warned that the ...  >>MORE

UAE opens liquidity taps

Posted on 24/10/2008

The UAE Ministry of Finance on Thursday set the terms of emergency funding for local banks to enable them to tide over the inter-bank liquidity squeeze, but warned them not to use the cash being made available under a multi-billion package for speculative activity. The Government said it will make funds available on the basis of interest payable every three months calculated on the prevailing interest rate for five-year US Treasury bonds, plus 120 basis points or 4 per cent, whichever is ...  >>MORE

Finance ministry injects Dh25 billion first tranche in support of national banks

Posted on 22/10/2008

The Finance ministry has injected a first tranche of Dh25 billion to boost liquidity and capitals of national banks. Each bank will receive support on the basis of its loan account, its percentage from the grand total of the loan by the Dh25 billion, the ministry explained. The finance ministry solicited assistance from the Mackenzie and Associates, a consultancy company and Central Bank experts to come up with the details of the facilities, requirements and conditions to be met by the ...  >>MORE

Banks in UAE enjoy strong financial position - UAE Central Bank

Posted on 12/10/2008

The Governor of the UAE Central Bank HE Sultan Bin Nasser Al Suwaidi asserted that the national and foreign banks in UAE enjoy a strong financial position. In press statement, the Central Bank said that the ownership of deposits is distributed in such a way that the citizens own 75pc of the depostis, while the Arab nationals and the other nationalities own 8pc and 17pc respectively. Also banks financing from the European Commercial Paper issues (ECP) and Medium-Term Notes (MTN) to the total ...  >>MORE

UAE Central bank cuts rates

Posted on 09/10/2008

The UAE Central Bank announced yesterday that it has lowered the lending rate to banks from 5pc to 3pc. It also slashed the rate on its re-purchase of Certificate of Deposit (REPO) from 2pc to 1.5pc with effect from Wednesday. Chairman of the Board of Directors of UAE Central Bank HE Khalil Mohammed Sherif Folathi said that the move is in line with the new level of interest rate on the US Dollar Federal Funds. The REPO operation, conducted by the Central Bank with banks operating in the ...  >>MORE

UAE Market absorbs Dh69bn liquidity in three months

Posted on 02/10/2008

The UAE market has swallowed Dh69 billion in fresh funds that had come into the banking system just three months ago – and is already hungering for more with the Central Bank having to set up an additional Dh50 billion facility. UAE banks received nearly Dh69bn from their investments in the Central Bank in the second quarter, the Central Bank said yesterday. The banks recovered the funds from maturing Certificates of Deposit (CDs) issued by the Central Bank over the past year to mop up the ...  >>MORE

UAE Central Bank avails Dhs.50 billion for local banks

Posted on 23/09/2008

The UAE Central Bank has decided to avail facilities worth Dh 50 billion for the use of banks operating in the UAE. In a statement, the Central Bank announced that its Board of Directors has discussed the position of inter-bank deposits, which has been affected by the liquidity constraints in international money markets. To remedy this situation, the Central Bank it decided to set up a facility amounting to Dh 50 billion for banks operating in the UAE, to be used by these banks if so needed. ...  >>MORE

UAE Central bank confirms outflow of 90pc of foreign, speculative money

Posted on 16/09/2008

The Board of Directors of Central Bank discussed on Sunday the current position of liquidity at banks, and in the country in general, and confirmed that almost 90pc of foreign, speculative hot money has already flowed out of the country. At this year's second meeting presided over by HE Khalil Mohammed Sharif Foulathi, Chairman of the Board of Directors, the Board also instructed the continuation of monitoring the situation closely. The Board was 'assured that the Central Bank has the ...  >>MORE

Central Bank's Board of Directors discusses strategy to counter money laundering

Posted on 01/09/2008

The first meeting of the Board of Directors of the UAE Central Bank in the current year discussed its strategy and mechanism to combat money laundering and suspicious transactions. The Board was set up as per the Federal Decree No. 56 (Year 2008) issued on 13th of July this year. A statement issued by the Central bank said that the meeting of the Board of Directors held recently was presided over by the Chairman of the Board HE Khalil Mohammed Sherif Foulathi, and discussed a number of topics ...  >>MORE

UAE faces consumer debt crisis

Posted on 31/08/2008

Rising inflation in the UAE is fuelling a potential debt crisis as consumers increasingly turn to borrowing to finance the soaring cost of living in the UAE. Growing levels of consumer debt are beginning to worry analysts that the situation is approaching dangerous levels. According to UAE central bank data, loans advances and overdrafts surged to Dh43.9 billion in the year to March 2008 a 38 per cent increase over the same period in 2007. Systemic issues such as the lack of credit data or a ...  >>MORE

UAE to stick with currency peg in view of rising dollar

Posted on 30/08/2008

Gulf oil producing countries are unlikely to complete monetary union by a 2010 target, but the dollar's rebound is giving them more reason to stick with their currency pegs, the UAE central bank governor said yesterday. Sultan Al Suwaidi acknowledged there were challenges to overcome before the long-standing plan for a single regional currency could be concluded. "Monetary union will be implemented in stages... the last of which will be the most difficult," Al Suwaidi said at a business ...  >>MORE

DIFC releases report on progress towards GCC monetary union

Posted on 20/08/2008

A new report assessing the progress being made by GCC countries to achieve the convergence criteria for a GCC Monetary Union (GMU) was released today by the Dubai International Financial Centre (DFIC). The said criteria were endorsed by the Supreme Council of the GCC at its 27th session held in Riyadh in 2006. The report is the first in a series of reports to be released by the Centre focussing on issues affecting the region's economy. "An Assessment of the Progress towards GCC Monetary ...  >>MORE

Government deposits hit high of Dh114bn

Posted on 19/08/2008

Government deposits with the UAE's banks have more than quadrupled over the past seven years to reflect a sharp growth in overseas assets and their coverage of the country's budget deficit, official figures show. Deposits hit a record high of Dh114.6 billion at the end of March, compared with only Dh27.3bn at the end of 2001, the Central Bank figures showed. At the end of 2002, they climbed to around Dh36.9bn and continued their rapid growth to swell to Dh93bn at the end of 2006. By the end of ...  >>MORE

Central Bank ups borrowing

Posted on 10/08/2008

The UAE Central Bank has kept up borrowing from local banks through the issuance of certificate of deposits (CDs) to stem swelling domestic liquidity in the absence of other effective fiscal tools, the bank's figures showed yesterday. From around Dh173.5 billion at the end of 2007, the total value of CDs issued by the Central Bank increased to nearly Dh185.59bn at the end of the first quarter of 2008, the Central Bank said in its quarterly report. The value stood at only Dh32.3bn at the end of ...  >>MORE

Dirham may gain 5pc in 2009 as dollar peg goes, says CFC

Posted on 23/07/2008

The UAE dirham will appreciate 5 per cent in 2009 as faster inflation in the Gulf state forces the central bank to ditch its 30 year peg to the dollar peg next year, according to CFC Seymour Ltd. The central bank of the UAE will drop the dollar peg by June of next year, linking the dirham to a basket of currencies, including the dollar and the euro, Hong Kong-based currency analyst Carol Chan said in a phone interview yesterday. Currency trends: The dirham will rise to 3.49 to the dollar from ...  >>MORE

Foreign currency assets of UAE hit Dh286b

Posted on 17/07/2008

The surplus foreign currency assets held by the Central Bank of the UAE reached Dh285.7 billion at the end of 2007 registering an increase of 179.3 per cent compared to the end of 2006 level and accounting for 99.9 per cent of the total assets. Total assets/liabilities of the Central Bank of the UAE grew by Dh182.72 billion to reach Dh285.95 billion at the end of December 2007 against Dh103.23 billion at the end of 2006, according to the annual report for 2007 issued by Central Bank of the ...  >>MORE

President issues Federal Decree setting up board of UAE Central Bank

Posted on 15/07/2008

President HH Sheikh Khalifa bin Zayed Al Nahyan, has issued Federal Decree Number 56 of year 2008, setting up the board of Central Bank of the UAE. The decree named Khalil Mohammed Sherif Fowlazi as a Board Chairman. The board membership, whose term is four years, includes Dr Omer Mohammed Suleiman as Deputy Board Chairman and Sultan Nasser Al Suwaidi as a Governor of Central Bank of the UAE. And Younis Hajji Khoori, Mubarak Rashid Al Mansouri, Hilal Khalfan bin Dhahir Al Muhairi and Khalid ...  >>MORE

ICCS to speed up clearance of cheques

Posted on 14/07/2008

The UAE Central Bank yesterday started implementing a high-tech system that will greatly speed up the clearance of cheques. The image cheque clearance system (ICCS) will slash the time taken to process cheques and transfer funds between banks from several days to four hours, with a maximum of 36 hours. Its introduction was delayed because not all banks met the technical requirements in time but these problems have now been solved. The system involves a branch of a UAE or foreign bank scanning ...  >>MORE

UAE monetary supply rises by Dh187b in ’07

Posted on 13/07/2008

Central Bank data has shown a huge rise in the UAE's monetary supply with an increase of over Dh187 billion during 2007. Over this period, the figure rose from Dh505.64 billion to Dh692.4 billion, in a move considered to be the fastest monetary growth rate experienced by the country in five years. Economics expert, Dr Ahmed M. Al Samerai, Chairman of SAHARA Group, commented: "The expansion of industrial, logistical and real estate sectors, coupled with huge economic and real estate progress in ...  >>MORE

DIFC signs agreement with UAE Central Bank on Real-time Automated Payments

Posted on 23/06/2008

The Dubai International Financial Centre (DIFC) yesterday announced that it has signed a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) under which the latter becomes the lead regulator for Real-time Automated Payments in DIFC (RAPID). RAPID is a DIFC initiative to provide a real-time gross settlement (RTGS) payment systems infrastructure from within the DIFC to financial institutions operating within the centre and throughout the wider region. HE ...  >>MORE

No plans to drop peg to dollar: UAE

Posted on 05/06/2008

The UAE has no plan to drop its peg to the U.S. dollar or revalue its currency, the country's central bank governor said in remarks published yesterday. Sultan Nasser Al Suweidi said the decision was based on safeguarding the national interests of the Gulf Arab oil exporter and is under no foreign pressure to keep its link to the dollar, Al Bayan newspaper reported. "The UAE has no intention to drop the dirham's peg to the dollar or to revalue,” he said. His Highness Sheikh Mohammed bin ...  >>MORE

Central Bank, MoL ink MoU on e-payment system for workers

Posted on 02/06/2008

Salaries and wages of labourers in the private sector companies will be transferred through banks operating in the UAE on a monthly basis in the context of organizing the affairs of labourers working in these companies. A Memorandum of Understanding (MoU) in this respect was signed Sunday by H.E. Saqer Ghobash, Minister of Labour (MoL) and H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, in a meeting held at the Ministry of Labour in Abu Dhabi. Al Suwaidi has emphasized that ...  >>MORE

Central Bank issues new modified banknote worth Dh200

Posted on 25/05/2008

The Central Bank announced in a statement Saturday it has issued a modified banknote worth Dh200 with the latest technical specifications and security measures. It added that the new banknote will be circulated alongside current banknotes from Tuesday, May 27, 2008, indicating that the new Dh200 banknote will be advertised in the local press. – Emirates News Agency, WAM ...  >>MORE

Al Suweidi: No short-term solution to inflation

Posted on 11/05/2008

The UAE and its Gulf neighbours intend to take more measures to curb soaring inflation but such a policy is blocked by the peg between their currencies and the US dollar, according to the Central Bank Governor. Sultan bin Nasser Al Suweidi said strong domestic demand has allied with supply shortages to stoke inflation in the Gulf Co-operation Council states and expected no solution to the problem in the short term. Addressing a recent meeting of the International Monetary Fund (IMF) in ...  >>MORE

UAE money supply surges 37%

Posted on 04/05/2008

A surge in dirham savings and deposits in banks by government and other organisations boosted money supply in the UAE by nearly Dh190 billion to its highest level at the end of 2007. Broad money M3, which covers money in circulation, deposits with banks, securities, and other types of funds, increased to Dh696.2bn at the end of 2007 from Dh506.6bn at the end of 2006, a rise of 37.4 per cent, the Central Bank said. Although swelling domestic liquidity has generally been associated with ...  >>MORE

Central Bank borrowed Dh141bn in 2007

Posted on 04/05/2008

The UAE Central Bank borrowed a record Dh141 billion from local banks in 2007 as it sharply boosted the issue of certificates of deposits (CDs) in a bid to stem swelling domestic liquidity. More than half the funds were borrowed in the last quarter of 2007 and the big rise in the CDs issue reflected a rush by the country's 23 national banks and 28 foreign units to invest in safe tools within the UAE, its figures showed. From Dh32.3bn at the end of 2006, the cumulative CDs issued by the Central ...  >>MORE

Central Bank announces new interest rate cut

Posted on 03/05/2008

The UAE Central Bank announced that it has lowered the interest rate on its re-purchase of Certificate of Deposit (REPO) from 2.25% to 2% with effect from Thursday. A Central Bank press release said the move is in line with the new level of interest rate on the US Dollar Federal Funds (short-term Dollar interest rate as determined by the US Federal Reserve Bank). The US interest rate cut, which announced Wednesday, was the fifth since last summer when it was 5.25 %. The REPO operation, ...  >>MORE

UAE among Philippines’ major remittance sources

Posted on 27/04/2008

The UAE continued to be among the biggest sources of remittances to the Philippines, being the fourth host-country in terms of percentage jump in the amount of money sent through banks and fifth in real value. At least 450,000 UAE-based Overseas Filipino Workers (OFWs) sent home a total of Dh383.1 million (US$104.3 million) for January and February, up 26.5 per cent from Dh302.6 million (US$82.4 million) a year ago. The country trailed Singapore, Australia and the UK in having the biggest ...  >>MORE

Stop speculations about Dirham-Dollar de-pegging – Khalfan Al Ka’abi

Posted on 14/04/2008

The decision of the UAE government to go on with its current monetary policy is not taken haphazardly, as it is the result of careful studies carried out by experts. The policy realises the national interests and serves its overall economy; said a prominent UAE industrialist. Member of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Chairman of Ascorp Holdings, Khalfan Saeed Al Ka'abi also asked the financial analysts to stay away from making speculations ...  >>MORE

UAE PM meets dirham de-pegging commission

Posted on 10/04/2008

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has met with the commission tasked with studying the de-pegging the UAE dirham from the US Dollar. Earlier, the said commission has recommended maintaining the peg without any change in the country's currency exchange rate against the greenback. The commission also ruled out any revaluation of the dirham. At the meeting which took place at Emirates Towers in Dubai, Sheikh Mohammed ...  >>MORE

UAE Central Bank Governor says no de-pegging

Posted on 08/04/2008

Governor of the UAE Central Bank Sultan Bin Nasser Al-Suwaidi said the UAE is not de-pegging its currency from US dollar or even re-evaluating it. In a statement to WAM, Al Suwaidi said: "Why should there be a long-term solution for a short-term problem." The Governor said no political pressures whatsoever are placed to maintain the pegging policy. "Currency policy is not a game, rather it needs a lot of deliberation and in-depth consideration of all causes to produce a final conclusion,” ...  >>MORE

UAE pushes to host planned GCC central bank

Posted on 08/04/2008

The UAE is still pushing to be home to the common central bank planned by the six Gulf Co-operation Council members within their landmark monetary union, the country's Central Bank governor said yesterday. Sultan bin Nasser Al Suweidi said the UAE was the first GCC state to offer to host the proposed central bank but added no decision has been reached yet. "It was not a decision but an offer from us to host the GCC central bank… we were the first member state to make this offer,” Al Suweidi ...  >>MORE

UAE won't change its peg without GCC agreement

Posted on 02/04/2008

The UAE won't change its currency's dollar peg without the agreement of its GCC members. "If there is any change about the dollar peg, it has to be done at the GCC level," UAE Central Bank Governor, Sultan Nasser Al Suwaidi said at a seminar in Abu Dhabi. "De-pegging needs a lot of studying and consideration and the matter is more complicated than you can imagine," said Suwaidi, without elaborating. Earlier, he spoke on the role of monitoring agencies terming it highly important in ...  >>MORE

Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14

RETURN TO TOP | WAM UP TO THE MINUTE NEWS

Quick List

UAE CB, Banks Assoc. discuss sector's situation


Growth in GDP will fall to single digit, says Suwaidi


UAE expects inflation to dampen


Banks slash deposits with Central Bank by Dh60bn


Central Bank task force set up


UAE lays down adequate framework to fight money laundering: Al Suweidi


UAE sells dollars at same-day value


Al Suwaidi says crisis is transitional


Banking system confidence boosted by government measures: CB Governor


UAE opens liquidity taps


Finance ministry injects Dh25 billion first tranche in support of national banks


Banks in UAE enjoy strong financial position - UAE Central Bank


UAE Central bank cuts rates


UAE Market absorbs Dh69bn liquidity in three months


UAE Central Bank avails Dhs.50 billion for local banks


UAE Central bank confirms outflow of 90pc of foreign, speculative money


Central Bank's Board of Directors discusses strategy to counter money laundering


UAE faces consumer debt crisis


UAE to stick with currency peg in view of rising dollar


DIFC releases report on progress towards GCC monetary union


Government deposits hit high of Dh114bn


Central Bank ups borrowing


Dirham may gain 5pc in 2009 as dollar peg goes, says CFC


Foreign currency assets of UAE hit Dh286b


President issues Federal Decree setting up board of UAE Central Bank


ICCS to speed up clearance of cheques


UAE monetary supply rises by Dh187b in ’07


DIFC signs agreement with UAE Central Bank on Real-time Automated Payments


No plans to drop peg to dollar: UAE


Central Bank, MoL ink MoU on e-payment system for workers


Central Bank issues new modified banknote worth Dh200


Al Suweidi: No short-term solution to inflation


UAE money supply surges 37%


Central Bank borrowed Dh141bn in 2007


Central Bank announces new interest rate cut


UAE among Philippines’ major remittance sources


Stop speculations about Dirham-Dollar de-pegging – Khalfan Al Ka’abi


UAE PM meets dirham de-pegging commission


UAE Central Bank Governor says no de-pegging


UAE pushes to host planned GCC central bank


UAE won't change its peg without GCC agreement