Central Bank of UAE discusses new banking law

The Board of Directors of Central Bank of the U.A.E. discussed in its 4th meeting for the year 2014 the major subjects in the new banking law and reviewed a comparative analysis between it and Federal Law No-10 of 1980, Regarding the Central Bank, the Monetary System and Organization of Banking.
The meeting, chaired by Khalifa Mohammed Al Kindi, Chairman of the Board, and attended by other board members and a group of senior Central Bank staff, reviewed a report regarding the latest developments concerning a study on Exchange Business in the U.A.E., which is being carried-out by McKinsey Consultation Co.
The Board reviewed another report on the latest developments concerning the Central Bank Information Technology strategy, which is being developed by Boston Consulting Group.
The Board instructed to have follow-up reports on implementation of the requirements of the two studies.
Subsequently, the Board reviewed applications submitted by banks and other financial institutions operating in the U.A.E. for the expansion of their activities and opening new branches. The Board approved the applications that fulfilled the conditions as per the law and regulations applicable to each individual business activity.
The Board reviewed a memorandum regarding the State Audit Institution's comments on the financial year 2012. The Board discussed those comments and recommendations, and the way they could be implemented by the Central Bank.
The Board reviewed a report submitted by the Governor regarding Developments at Global Economy.
The Board also reviewed a memorandum regarding re-printing of quantities of currency notes of denominations DH1000, DH 500, DH 200, DH 20, DH 10 and DH 5, using Braille characters, so that they will be readable by those who lost their vision, and instructed necessary actions be taken to proceed with execution.
The Board discussed some issues relating to development of Central Bank's systems and staff to be at par with the new developments witnessed in the U.A.E. to enhance performance.
Subsequently, the Board completed the discussion of the remaining topics listed on its agenda as well as other emerging topics and made appropriate decisions in this regard.