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THE ECONOMY - CENTRAL BANK

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

UAE firm on dollar peg

Posted on 02/04/2008

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has stressed the UAE will maintain the dirham's peg to the US dollar for the moment. Speaking to the media on board the special plane that took Sheikh Mohammed from Beijing to Shanghai during his official visit to China, Sheikh Mohammed said de-pegging is not an easy thing, and it involves several issues that should be studied before making a decision in this respect. "So far ...  >>MORE

No revaluation on the cards - Central Bank Governor

Posted on 22/03/2008

Putting all speculations to rest, UAE Central Bank Governor HE Sultan bin Nasser Al Suweidi said on Thursday that there is no plan 'for the time being' to revaluate Dirham against US Dollar. He also denied recent reports suggesting that the UAE central bank has set up a currency task force to study a possible revaluation of the Dirham against the Dollar. "Such a task force doesn't exist at all", Al Ittihad Arabic daily quoted the Governor as saying. UAE's currency is pegged to US Dollar on ...  >>MORE

UAE central bank 'studies revaluation'

Posted on 16/03/2008

The UAE's central bank has launched a study into a revaluation of the dirham, the Middle East Economic Digest (MEED) reported late on Friday, citing a bank official. "There is a study group that has been looking at the effects a revaluation would have for several months now as part of the planning for the long-term strategic future of the bank," MEED quoted the official as saying. The group is expected to report the findings at the end of 2008, according to the magazine. The UAE, like other ...  >>MORE

Dollar peg under review

Posted on 11/03/2008

The UAE and Qatar will review the dollar peg that has brought down their respective currencies and added to inflationary pressures. "The UAE Central Bank is setting up a committee to help coordinate the possible de-pegging of the country's currency from the US dollar," a news report said yesterday, quoting unnamed sources. That group is currently being assembled, all its members are from the Central Bank, and it will report by the end of the year, the report said. Qatari Prime Minister Shaikh ...  >>MORE

UAE Central Bank to offer dollar loans

Posted on 10/03/2008

The United Arab Emirates Central Bank said it would let lenders in the Gulf state borrow in dollars against their certificates of deposit, after bets on a dirham revaluation led to a dollar shortage. Starting from Monday, banks in the world's fifth-largest oil exporter -- which pegs its currency to the dollar -- will be able to borrow dollars for as long as three months or at the maturity of their dirham CDs, whichever is less, the central bank said in a statement on Thursday. "The facility ...  >>MORE

UAE Central Bank offers dollar loans against CDs

Posted on 09/03/2008

The UAE central bank said it would start allowing lenders in the UAE to borrow in dollars against their certificates of deposit amid a shortage in the US currency as people bet on dirham revaluation. Starting from Monday, banks in the country will be able to borrow dollars for as long as three months or at the maturity of their CDs, whichever is less, the central bank said in a statement yesterday. "The facility is being granted to banks to meet their foreign currency requirements," Mohammad ...  >>MORE

UAE money supply growth surges 34%

Posted on 19/02/2008

Annual money supply growth in the UAE, an indicator of future inflation, jumped 33.8 per cent at the end of September, central bank data showed on Monday. M3, the broadest measure of money circulating in the economy, was Dh623.4 billion on September 30, compared with Dh466.08 billion a year earlier, data obtained by Reuters showed. Investors piled money into UAE dirhams late last year on expectations that the second-largest Arab economy would drop its dirham's peg to the dollar, which hit ...  >>MORE

Central Bank issues commemorative Dirham

Posted on 18/02/2008

The Central Bank of UAE issued a commemorative Dirham to mark the 75th anniversary of the Sharjah International Airport. The head of the new copper and nickel coin is unchanged while the tail depicts the occasion. The commemorative Dirham will be in circulation from Monday 18th February 2008. - Emirates News Agency, WAM ...  >>MORE

Al Suwaidi confident of dollar's strength

Posted on 08/01/2008

UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi on Monday expressed confidence in the US currency's strength despite the dollar's continued decline against top world currencies. The US dollar remains a major currency as it is used in 60 to 70 per cent of international trade, Al Suwaidi told reporters. There has been speculation for months in the market that the UAE would revalue the dirham, which is getting weaker because of its peg to the dollar. But Al Suwaidi has been saying that ...  >>MORE

Inflation high 'temporary', says UAE central bank

Posted on 23/12/2007

Inflation in the United Arab Emirates is temporary and mostly caused by domestic factors rather than the dirham's peg to a weak dollar, the central bank governor said in a television interview. Only about 3 percentage points of inflation are a result of currency policy, Sultan Nasser al-Suweidi said in remarks aired by Al Arabiya television on Thursday. Inflation hit a 19-year high of 9.3 per cent in 2006 as rising rents and food costs forced the government to introduce legislation to cap ...  >>MORE

Central Bank’s 2007 profits projected at Dh3.5b

Posted on 17/12/2007

The Central Bank has projected a net profit of Dh 3.5 billion in 2007. This came during 8th meeting of the bank's Board of Directors, held on 25/11/2007 under the chairmanship of Mohamed Eid Al Meraikhi, Chairman of the Board, and attended by Juma Al Majid, Deputy Chairman, and Sultan Bin Nasser Al Suwaidi, the Governor. The Board approved minutes of the previous meeting as well as decisions taken therein. The Board discussed the subjects on its agenda, including the Federal Government ...  >>MORE

UAE stands ready to back international anti-money laundering effort

Posted on 13/12/2007

The UAE will back international efforts aimed at raising awareness standard about risks posed by money laundering and financing terrorism, a senior UAE banker affirmed on Wednesday. 'In particular, the UAE will encourage the dialogue between the United States and Middle East and North Africa on anti-money laundering and combating financing terrorism (AML-CFT).The UAE believes that a true public-private partnership is the best way to arrive at a full-proof mechanisms and regulations to combat ...  >>MORE

UAE Central Bank Governor defends dollar policy

Posted on 13/12/2007

Gulf States need a collective political decision to end a long-standing Link between their currencies and the US dollar, UAE Central Bank Governor Sultan bin Nasser AI Suwaidi told the Oxford Business Group in an interview. Al Suwaidi added that the UAE could be a right place to host the proposed Gulf Cooperation Council (GCC) central bank as part of plans to set up a monetary union. In an interview with the Oxford Business Group, obtained by Emirates Business247, he defended the slow moves by ...  >>MORE

UAE Central Bank Governor denies reports he was resigning

Posted on 12/12/2007

United Arab Emirates Central Bank Governor, Sultan Nasser Al Suwaidi strongly denied a news report that he planned to step down."This story is totally incorrect, baseless and without any merit whatsoever", the governor told Emirates News Agency (WAM).He was commenting on a news report that indicated the governor may resign. Al Suwaidi expressed his surprise at the news item and the sources used for such unfounded report. (Emirates News Agency, WAM) ...  >>MORE

No need for revaluation - Al Suwaidi

Posted on 06/12/2007

Frankfurt - The UAE central bank said yesterday it would leave its dollar peg unchanged for the "foreseeable future" after Gulf rulers agreed to keep any currency reform talks secret to calm markets. UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi, who complained last month he was under growing pressure to drop the peg and track a currency basket, said yesterday there was no need to allow the dirham to rise against the tumbling dollar. "No change is going to take place in the near ...  >>MORE

Central Bank warns money changers to abide by official dollar exchange rate

Posted on 04/12/2007

The UAE Central Bank has warned money changers to abide by the official dirham exchange rate against the US dollar. The Central Bank announced that it had noticed that some moneychangers took advantage of the rumours promoted by some speculators, and raised the exchange rate of the Dirham against the US dollar on 1st and 2nd of December, despite clarifications from the bank that there was no intention to change the current exchange rate. "Therefore, the Central Bank decided to deduct from the ...  >>MORE

No intension for de-pegging the GCC currency from dollar

Posted on 04/12/2007

Doha - Sheikh Abdullah bin Zayed, Foreign Minister, hailed the speech of Hamad bin Khalifa Al Thani, Amir of Qatar at the opening session of the 28th GCC summit in Doha. In a statement on the sideline of the summit, Sheikh Abdullah described the speech of the Amir as significant, specially his call for concern about scientific research. Sheikh Abdullah said there is no intension in this summit to de-peg the GCC currency from the dollar, stressing that reviewing the relation between the UAE ...  >>MORE

Central Bank issues Dh, US$ and Euro Certificates of Deposit

Posted on 29/11/2007

Central Bank of the UAE announced that it will, with effect from Wednesday 28 November 2007, issue Certificates of Deposit in UAE Dirham, US dollar and Euro to banks operating in the UAE through auction, for maturities ranging from one week to 5 years. According to a statement by the bank, the CoDs issuance was made in order to meet needs of banks, develop and add depth to domestic financial market and to create a real yield curve for the UAE Dirham, which would serve as a benchmark in ...  >>MORE

Dirham surges to 17-year high

Posted on 29/11/2007

The dirham surged to a 17-year high yesterday on a fresh round of speculation that the UAE authorities are likely to revalue the dirham as early as Sunday to coincide with UAE National Day. All this week the currency markets have been rife with rumours that the UAE is expected to announce a revaluation of the dirham along with other GCC currencies or on its own in the first week of December following the GCC Summit in Qatar on December 3 and 4. The market experienced heightened activity ...  >>MORE

UAE Central Bank studies issuing licences for three Gulf banks

Posted on 27/11/2007

Governor of the Central Bank Sultan Nasser Al Suweidi confirmed yesterday that the Central Bank is currently studying the possibility of issuing licenses for three Gulf banks. He also pointed out that the three banks are still being set up. Suweidi said that the banking sector in UAE continued to grow substantially during the current year where as the total assets of the national and foreign banks crossed Dh1.039 trillion (US$300 billion). The deposits grew by 16 percent and the banks operating ...  >>MORE

Central Bank to issue coin in memory of Abu Dhabi Police

Posted on 25/11/2007

The Central Bank of UAE announced yesterday it would issue a silver commemorative coin to mark the golden jubilee of Abu Dhabi Police. 'The front face of the Dh 50 denomination coin features a portrait of President H.H. Sheikh Khalifa bin Zayed Al Nahyan while the back side carries the theme of the occasion,' a bank press statement said. The 40mm-diametre coin weighs 4 grams. (Emirates News Agency, WAM) ...  >>MORE

Pressure mounts to drop UAE peg

Posted on 16/11/2007

The UAE is under mounting social and economic pressure to unshackle its dirham from the tumbling dollar and track a currency basket including the euro to contain inflation, the central bank governor said. The UAE would agree any policy shift with five other Gulf nations, although a decision would not necessarily wait until an annual summit of regional leaders, Sultan Bin Nasser Al Suwaidi said by telephone from South Korea. "There is pressure, strong pressure, in the UAE because of higher ...  >>MORE

Japanese PM receives UAE Central Bank Governor

Posted on 15/11/2007

Tokyo - Yasu Fokoda, the Japanese Prime Minister, received here yesterday, Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank. Fokoda welcomed the UAE central banker, wishing success to the UAE delegation, stating that "the UAE has strong ties with his country". He stressed the need for supporting distinguished relations between Japan and the UAE through mutual visits and maintenance of the existing partnership between the two countries, citing owning of the International Petroleum ...  >>MORE

UAE ‘at a crossroads’ on de-pegging

Posted on 14/11/2007

Rates of one-year dirham forward contracts hit an eight year high yesterday after UAE Central Bank Governor Sultan Nasser Al Suwaidi said in Tokyo that the UAE is "at a crossroads” over the currency's peg to the sliding US dollar. "There has been a lot of buying on one-year dirham forwards as a result of the speculation of revaluation,” John Elredge, General Manager of Emirates Bank Group Treasury, told Emirates Today. Bids on one-year forwards rallied to a high of 3.61 to 3.62 per dollar, ...  >>MORE

UAE Central Bank cuts interest rates

Posted on 02/11/2007

The Central Bank announced that it has lowered interest rates on Certificates of Deposit, which it issues to banks operating in the UAE, in line with the new level of interbank interest rates on US Dollar deposits in International Financial Markets as from today Thursday 01/11/2007. Certificates of Deposit, which the Central Bank issues to banks operating in the UAE, are the mechanism through which interest rates on UAE Dirham are changed in the banking system, and which banks use as benchmark ...  >>MORE

UAE money supply grows 11.2% in June

Posted on 04/10/2007

Money supply growth in the UAE, an indicator of future inflation, grew 11.2 per cent from March to June, central bank data showed yesterday. M3, the broadest measure of money circulating in the economy, was Dh600.3 billion (US$163.5 billion) at the end of June, compared with Dh539.7 billion at the end of March, the data showed. M2, which measures notes and coins circulating in the economy and cash in bank deposits, grew 34.34 per cent in the 12 months to June 30. Quasi-money, which measures ...  >>MORE

UAE sees monetary union after 2015

Posted on 03/10/2007

The Gulf states' target to achieve monetary union by 2010 could be pushed beyond 2015 because the member countries have not yet achieved the dynamics of a common currency market, Sultan Nasser Al Suwaidi, the UAE Central Bank Governor said in a recent interview with .commerce magazine. The Gulf central bank governors, who met in Saudi Arabia in early September, announced that the 2010 target is not realistic, but said that they would work towards an early deadline. Suwaidi's statement is the ...  >>MORE

UAE Central Bank cuts rates to cool currency market

Posted on 26/09/2007

Faced with heavy speculative buying of the dirham by banks, the UAE central bank lowered interest on three-month certificates of deposit (CD) by 10 basis points (one tenth of a per cent) yesterday. Central bank sources confirmed the rate cut yesterday and said that the bank has slashed the three-month CD rate to 4.70 per cent from 4.80 per cent. The UAE and Kuwait were quick to cut interest rates following the 50 basis points rate cut by the US Federal Reserve on September 18. The UAE cut ...  >>MORE

UAE Central Bank assets rise 58% in H1

Posted on 21/09/2007

Total assets of the UAE Central Bank rose by 58 per cent to Dh163.1 billion in the first half of this year compared to Dh103.2 billion by the end of 2006. The Central Bank said the volume of deposits taken as assets rose by Dh57.3 billion to Dh113.8 billion, up by 98.6 per cent during the period of comparison. This shows the large volume of liquidity available with the Central Bank. The volume of cash money and bank balances rose from Dh425 million to Dh3.314 billion while the portfolio of ...  >>MORE

UAE cuts interest rate on certificates of deposit

Posted on 20/09/2007

The UAE Central Bank announced Wednesday a cut in interest of certificates of deposit (CD) to 4.75 from 5.25 per cent. The UAE apex bank said in a press release it issued yesterday that its move came after the US Federal Reserve slashed its benchmark rate yesterday. Certificates of Deposit, which the Central Bank issues to banks operating in the UAE, are the mechanism through which interest rates on UAE Dirham are changed in the banking system and which banks use as an indicator for accepting ...  >>MORE

UAE sovereign rating up

Posted on 10/07/2007

Moody's Investors Service yesterday upgraded the foreign and local currency government bond ratings of the UAE to Aa2. In an associated action, the country ceiling for foreign currency bank deposits was also raised to Aa2. The country ceilings for foreign and local currency bonds remain at Aa2.The short-term rating also remains unchanged at Prime-1 (P-1). The outlooks on all ratings are stable. The primary factor driving the upgrade was the ongoing strengthening of the government's balance ...  >>MORE

GCC 'will defer' common currency

Posted on 25/06/2007

Gulf states will defer the introduction of a single currency until after a common market is created in 2010, UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said. "Our monetary union consists of three stages, but they don't have to be implemented at the same time," Suwaidi told reporters on Sunday in Basel, Switzerland, where he's attending a meeting of central bankers from around the world. Stages one and two will be completed by 2010. Stage three, which is the unified currency, we ...  >>MORE

UAE currency to remain pegged to US dollar, inflation to subside: UAE CB Governor

Posted on 08/06/2007

At least 70% of the UAE trading partners, with Australia & N. Z., Africa, other Arab countries & other countries added, trade with the UAE is in US dollars or a currency pegged to the US dollar and 50% of all (UAE) imports are denominated in US dollars, said Governor of the UAE Central Bank Sultan bin Nasser Al Suwaidi. "The UAE imported at least 36% of all its imports from Asian emerging economies, 10% from USA & Canada and 4% from GCC countries, this is straight 50% of all imports", he ...  >>MORE

UAE Central Bank reviews progress on strategic plans

Posted on 23/05/2007

The Board of Directors of Central Bank of the UAE reviewed progress on the work programs and initiatives relating to the recommendations stated in the Central Bank agenda, already adopted by the Central Bank's Strategic Planning Team, which was formed immediately after launching of the Federal Government Strategy on 17 April 2007 by H.H Sheikh Mohamed Bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai. At its 3rd meeting for this year under the chairmanship of ...  >>MORE

UAE dollar peg to stay

Posted on 23/05/2007

Seoul - The UAE is keeping its currency's peg to the dollar and will rethink its commitment to the GCC monetary union if it would affect the country's economy. "The UAE government is not thinking of delinking the dirham from the dollar,” His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, told media officials in Seoul on Tuesday, the second day of his state visit to South Korea. He met earlier with South Korean President Roh ...  >>MORE

Peg against dollar led to remarkable growth: UAE Central Bank Governor

Posted on 19/04/2007

UAE Central Bank governor Sultan bin Nasser Al Suweidi has stated that peg of the dirham to the dollar has led to remarkable economic growth. "This peg was useful and resulted in remarkable economic growth rates," he told the Dubai-based Gulf News. The problem, he added, is that sometimes conditions are driven by the demand for oil, or expenditure by the governments, which are elements beyond our control. The peg with the greenback, which is a common policy among Gulf Cooperation Council ...  >>MORE

Federal credit bureau likely soon

Posted on 14/04/2007

Sultan Bin Nasser Al Suwaidi, the governor of UAE's Central Bank, announced that a draft law is being finalised at the Ministry of Justice, establishing a federal credit bureau to function as a national credit data-sharing structure, to supervise the banks' lending policies. "The draft law is being finalised by the concerned committee at the Ministry of Justice, as a final step before passing it to the cabinet for approval. Accordingly the credit bureau will be up and running within 2007," ...  >>MORE

UAE raises interest on certificates

Posted on 11/04/2007

The UAE Central Bank raised rates on its 6-12 month certificates of deposit yesterday, a week after a surprise rate cut as markets put pressure on the dollar-pegged exchange rate. The Central Bank, which usually tracks policy moves by the US Federal Reserve, raised its rates six-month, nine-month and one-year certificates of deposit by five basis points to 5.20 per cent yesterday. The Central Bank made no comment and left rates on short-term deposits unchanged. The bank has no benchmark ...  >>MORE

Adjustment of interest rates is a routine step, says Central Bank official

Posted on 05/04/2007

A UAE Central Bank official said here today that interest rates cuts on certificates of deposits was a routine practice that is undertaken by the bank on daily basis. "Interest rates cuts by five points- which have been reported in some sections of the media during the last two days - are indeed part of a routine practice by the bank", said Saif Hadif Al Shamsi, Executive Director of the Exchequer Department at the UAE Central Bank. Al Shamsi also told reporters on the sidelines of a ...  >>MORE

Central bank cuts CD rates to curb dirham speculation

Posted on 03/04/2007

The UAE Central Bank's move to reduce the interest rate on certificates of deposit (CDs) is intended to mop up excess liquidity and dissuade overseas investors from speculating in the dirham, a banker said yesterday. The bank, which usually tracks United States Federal Reserve monetary policy, cut its one-month and one-week CD rates by five basis points, taking the one-month rate to five per cent and the one-week rate to 4.80 per cent. The Federal Reserve left the United States interest ...  >>MORE

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Quick List

UAE won't change its peg without GCC agreement


UAE firm on dollar peg


No revaluation on the cards - Central Bank Governor


UAE central bank 'studies revaluation'


Dollar peg under review


UAE Central Bank to offer dollar loans


UAE Central Bank offers dollar loans against CDs


UAE money supply growth surges 34%


Central Bank issues commemorative Dirham


Al Suwaidi confident of dollar's strength


Inflation high 'temporary', says UAE central bank


Central Bank’s 2007 profits projected at Dh3.5b


UAE stands ready to back international anti-money laundering effort


UAE Central Bank Governor defends dollar policy


UAE Central Bank Governor denies reports he was resigning


No need for revaluation - Al Suwaidi


Central Bank warns money changers to abide by official dollar exchange rate


No intension for de-pegging the GCC currency from dollar


Central Bank issues Dh, US$ and Euro Certificates of Deposit


Dirham surges to 17-year high


UAE Central Bank studies issuing licences for three Gulf banks


Central Bank to issue coin in memory of Abu Dhabi Police


Pressure mounts to drop UAE peg


Japanese PM receives UAE Central Bank Governor


UAE ‘at a crossroads’ on de-pegging


UAE Central Bank cuts interest rates


UAE money supply grows 11.2% in June


UAE sees monetary union after 2015


UAE Central Bank cuts rates to cool currency market


UAE Central Bank assets rise 58% in H1


UAE cuts interest rate on certificates of deposit


UAE sovereign rating up


GCC 'will defer' common currency


UAE currency to remain pegged to US dollar, inflation to subside: UAE CB Governor


UAE Central Bank reviews progress on strategic plans


UAE dollar peg to stay


Peg against dollar led to remarkable growth: UAE Central Bank Governor


Federal credit bureau likely soon


UAE raises interest on certificates


Adjustment of interest rates is a routine step, says Central Bank official


Central bank cuts CD rates to curb dirham speculation