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.
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.6 per cent, climbing from Dhs2958.6 billion at the end of June 2019 to Dhs2975.8 billion at the end of July 2019.
Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), participated as a lead speaker at the Meeting of Governors from Major Emerging Market Economies organised by the Bank for International Settlements, which was held via video conference.
The total value of national banks’ assets rose by around 0.7 per cent on a monthly basis in July to Dhs2.8 trillion, up from Dhs2.78 trillion by the end of June 2020.
The surplus for 2022 amounted to 102 billion Saudi riyals ($27 billion), representing 2.6 per cent of GDP, according to preliminary estimates, the finance ministry said.
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