Picture used for illustrative purpose only.

The Board of Directors of the Central Bank of the UAE (CBUAE) held their fifth meeting this year via Video Conference recently. The meeting took place under the chairmanship of Hareb Masood Al Darmaki, Chairman of the Board.

The meeting was attended by Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board and Abdulhamid Saeed the Governor, and Board members including: Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, and a group of senior CBUAE employees.

The Board reviewed a report on the utilization of the Targeted Economic Support Scheme (TESS) from the allocated Dhs50 billion TESS liquidity facility and its utilization for deferrals of loans requested by customers affected by the consequences of Covid-19 pandemic.

The Board also took note of a report highlighting an overview of the banking system surveillance. The Board instructed the publication of the report on the Central Bank of the UAE website.

The Board has also approved a request from the Ministry of Finance to activate the services of the future system of the e-Dirham “E11” Wallet Scheme and obtaining a Payment Service Provider license.

The Board completed the discussion of the remaining topics listed on its agenda, as well as any other new topics, and took appropriate decisions.

The Central Bank of the UAE and Abu Dhabi Global Market have announced recently that they will collaborate, jointly host, and organise the fourth annual FinTech Abu Dhabi Festival, FinTech Abu Dhabi, which will be held from 24th - 26th November, 2020.

WAM