Global turmoil has no impact on UAE banks: Central bank

ABU DHABI - The Central Bank of the UAE has reassured the markets that banks are in a ‘good’ position and should not be negatively impacted by the recent turmoil in international markets.

By Haseeb Haider

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Published: Thu 24 Nov 2011, 11:14 PM

Last updated: Tue 7 Apr 2015, 5:18 AM

It was stated in a report prepared by the Financial Stability Unit, which was presented to the board of directors of the central bank, which met here in the capital on Wednesday.

The board approved the budget for the next financial year 2012, with profit projections of Dh3.5 billion, which is slightly higher than Dh3.47 billion estimated in the current year ending December 31st.

The board was told that the budget is based on total expected revenues of Dh4.322 billion against expenses of Dh822 million, in the year 2012.

Another report was submitted by Assistant Governor for Banking Supervision regarding the banking indicators.However, the central bank did not announce the key banking number for the month.

Applications submitted by banks operating in the UAE to expand their businesses and open new branches, also came up for approval. The board reviewed applications from natural and juridical persons to establish companies/ establishments to undertake financial activities and money changing business.

The Board approved the applications, which fulfill the terms as per the law and regulations, as applied to each business activity.

The Board also reviewed some organisational matters relating to Internal Audit Operations at the Central Bank and approved the manuals suggested to control its function.

The meeting was chaired by Khalil Mohammed Sharif Foulathi, Chairman of the Board and attended by Sultan bin Nasser Al Suwaidi, the Governor.

Others who attended the meeting included Younis Haji Khoori, Mubarak Rashid Al Mansouri, Khalid Salim Balama, Khalid Ahmed Al Tayer, and the Deputy Governor Mohamed Ali bin Zayed Al Falasi, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadif Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability Affairs and a group of senior Central Bank staff.

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