Building of Central Bank of UAE. File photo/WAM
The Central Bank of the UAE, CBUAE, has launched the recent edition of the UAE Financial Stability Report (FSR). The report provides relevant information, financial data, and stability assessments related to the UAE financial system, reinforcing the confidence and transparency in the banking and financial system across the Emirates.
According to the report, CBUAE noted that the UAE banking system remains strong, with sufficient capitalisation and liquidity reserves, solid financial performance and high operating efficiency. Additionally, the regulatory stress test demonstrated that the UAE banking system also remains resilient to potential macro-financial instability.
Commenting on the launch of the report, Mubarak Rashed Al Mansoori, Governor of CBUAE, said, "Looking at our achievements in 2018, an important milestone for us was the issuance of the Decretal Federal Law No. 14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities.
The law further demonstrates our commitment to the stability of the financial system. Also, in 2018, we established the Financial Stability Policy Committee which facilitates the thorough fulfilment of this objective."
Although the macro-financial forecast remains supportive of financial stability, CBUAE reminds members of the financial system to be mindful of potential global and regional macro-financial risks. To ensure the continued resilience of the financial sector, CBUAE continues to further enhance the regulatory and supervisory framework of the banking system.
China with its digital yuan is a leader in the field of digital currencies.
Regional and multi-national financial institutions are rolling out digital platforms to transform customer experiences, optimise costs, and meet data regulations. As a result, Clifford Chance says Mena’s Fintech market will top $2.5 billion by 2022.
The UAE has once again proved itself a resilient business hub, as its been named the world's number one "mover" by US News 2020 Best Countries Rankings, for the second year in a row.
Statistics Centre - Abu Dhabi (SCAD) has announced statistical data that show expansion of Abu Dhabi’s Gross Domestic Product (GDP) in the first half of 2022, reaching 11.2 per cent compared to the same period last year.
Dubai-owned ports giant DP World will manage a logistics-focused free economic zone in Uzbekistan’s southeastern Navoi province, Uzbek President Shavkat Mirziyoyev’s office said late on Friday.
Pakistan’s Prime Minister Muhammad Shehbaz Sharif on Saturday stressed upon the Turkish companies to invest in Pakistan, as the infinite potential between the two brotherly countries