Board of Directors of Central Bank holds 3rd meeting for 2017

ABU DHABI, — The Board of Directors of the Central Bank of the UAE held its 3rd meeting for 2017 on Tuesday under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board.

The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members; Younis Haji Al Khoori, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.

The Board also reviewed Central Bank’s Q1 Report for the year 2016, presented by the Research and Statistics Department. The report covered international economic developments, domestic economic developments, financial stability indicators, banking liquidity, and monetary reserves management.

The board instructed publication of the report on the Central Bank’s Website.

The Board also reviewed a report on the latest updates regarding the transformation programme in the Central Bank. The Board reviewed the Monetary Operations and Reserves Management Department’s reports, which include the macro-prudential ratios of the banking sector, and liquidity indicators in the banking sector.

The Board also discussed draft of the delegation of authorities’ matrix for the Banking Supervision Dep., and the Monetary and Reserve Management Dep., and took necessary decisions in this respect thereof.

The Board also reviewed applications submitted by banks and other financial institutions operating in the UAE. The Board approved the applications that fulfilled the conditions as per applicable law and regulations for each individual activity.

The board also reviewed two issues submitted by the Banking Supervision Department regarding: Properties held by banks in settlement of debt, and were not disposed of within the allowed grace period; Emiratization ratios at banks and the points system (Emiratization strategy at banks). The Board took necessary decisions in this regard.

The Board completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard.

Source: Emirates News Agency