UAE to take steps on cutting money transfer fees between Gulf states

ABU DHABI - The UAE Central Bank will take practical steps to scale down the commissions charged on financial transfers between the UAE and AGCC states, in coordination with monetary agencies and central banks in the GCC states.

By A Staff Reporter

Published: Tue 13 Jan 2004, 12:15 PM

Last updated: Thu 2 Apr 2015, 12:06 AM

A resolution to this effect was taken at a meeting of the Central Bank Board of Directors held on Sunday, presided over by Mohamed Eid Al Meraikhi, Chairman of the Board, where the opinion was expressed that the commissions charged were on the high side. "In order to ensure smooth flow of investments between the AGCC member states, these commissions have to be reduced," the board averred. The meeting also reviewed the financial statements for the year 2003 and the details of the balance sheet and profit and loss accounts.

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