UAE Central Bank law, other reports reviewed

Abu Dhabi - The board reviewed a report regarding the latest developments of the revised Central Bank Law and instructed that comments from stakeholders be received to prepare the final draft.

The board of directors of the Central Bank of the UAE held its sixth meeting for 2015 last week, 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; board members Younis Haji Al Khoori, Khalid Mohammad Salem Al Balama, Khalid Ahmad Al Tayer; as well as by Mohamad Ali bin Zayed Al Falasi, deputy governor; Saeed Abdullah Al Hamiz, assistant governor for banking supervision; Saif Hadef Al Shamsi, assistant governor for monetary policy and financial stability, and a group of senior Central Bank staff.
The board reviewed a report regarding the latest developments of the revised Central Bank Law and instructed that comments from stakeholders be received to prepare the final draft.
The board also studied a report from the monetary and reserve management department on macro-prudential ratios as well as liquidity indicators of the banking sector.
Members went through a presentation submitted by the digital payments project team regarding the regulatory framework of digital payments in the UAE and instructed that appropriate measures be taken in this regard.
The board reviewed reports submitted by the banking supervision department on the latest developments in the exchange business and liquidity system projects.
In addition, the board discussed the Central Bank quarterly review for Q2 2015, which included international and local economic developments, financial stability indicators, bank liquidity and reserve management and payment systems developments.
The board also reviewed applications submitted by banks and other financial institutions operating in the UAE for expansion of their activities and opening new branches. The board approved applications that fulfilled conditions as per applicable law.
It also reviewed the following reports: Internal audit department's quarterly report (June 2015); external auditor's report on the Central Bank's financial statements as at June 30, 2015.
The board also studied issues presented by the human resources division at the Central Bank and took appropriate decisions. The board completed discussion of remaining topics listed on its agenda.
- business@khaleejtimes.com