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Central bank board reviews monetary policy
The board monitored latest developments regarding the liquidity system project and moneychangers system project.
Abu Dhabi — The board of directors of the UAE Central Bank reviewed matters relating to monetary policy.
The board studied a report submitted by the monetary policy and financial stability department on macro-prudential ratios for the banking system, banking stability and liquidity indicators of the banking sector.
The board monitored latest developments regarding the liquidity system project and moneychangers system project.
It also studied the Central Bank review for the fourth quarter of 2014, which includes chapters on international economic developments, domestic economic developments, financial stability and soundness indicators, bank liquidity and reserve management, and developments in payment systems.
The review includes policy priorities for the UAE Central Bank in 2015 which will be further articulated in the forthcoming 2014 annual report and quarterly reviews in 2015.
The board also reviewed another report on the latest developments concerning the Central Bank’s IT strategy project and instructed speedy completion of the plan. The board discussed a report on purchasing devices and equipment for enhancing the readiness of the business continuity and disaster recovery centre at Al Ain.
The board then reviewed applications submitted by banks and other financial institutions operating in the UAE for the expansion of their activities and opening new branches. The board approved applications that fulfilled the conditions as per the law and regulations applicable to each individual business activity.
— haseeb@khaleejtimes.com
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