UAE VP announces digital transformation of Central Bank

The UAE’s Central Bank is set to start a digital transformation programme that will bolster the country’s financial infrastructure, the Vice-President announced on Wednesday.

His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, and Minister of Presidential Affairs of the UAE, and Chairman of the Board of Directors of the Central Bank, highlighted two strategic priorities for the apex bank.

“Firstly, the CBUAE will begin a digital transformation programme, which aims to significantly enhance financial infrastructure within the CBUAE and the country. Secondly, it will contribute to the UAE’s wider policy initiatives as part of the UAE hosting COP28,” he said.

Sheikh Mansour noted that these strategies are also at the top of the agenda for governments, central banks, and policymakers globally.

The apex bank will also continue the Emiratisation of its administration and leadership positions, which now stands at 65 per cent, according to

Khaled Mohamed Balama, governor of the CBUAE, said: “We take great pride in the progress marked to support our strategic vision of becoming among the top central banks globally, and enhancing monetary and financial stability and consumer protection through effective supervision of licensed financial institutions, prudent management of reserves and adoption of modern technologies.”

He affirmed that the apex bank will continue the Emiratisation of its administration and leadership positions, which now stands at 65 per cent.

Meanwhile, the Central Bank said inflation will decelerate to 3.2 per cent this year — as against 4.8 per cent last year — due to softer price increases in all categories, especially transport, and food and beverages.

“Imported inflation is expected to be modest, owing to the disinflation trend worldwide, while rents and wages are also expected to contribute moderately. In 2024, inflation is projected to slow further to 2.8 per cent,” it said.

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