UAE Central Bank board holds second meeting for 2017

The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2017 on Sunday, 5th March, 2017, at the Central Bank headquarters in Abu Dhabi. Held under the chairmanship of Khalifa Mohammed Al Kindi, the meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members Younis Haji Al Khoori, Khalid Mohammad Salem Al Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor, and a group of senior Central Bank staff.

The board reviewed the Central Bank’s Annual Report for the year 2016, presented by the Research and Statistics Department. The report covered international economic developments, domestic economic development, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments, as well as the Central Bank’s policy priorities in 2016.

The board instructed that the report should be published on the Central Bank’s Website.

During the meeting, the board reviewed a report on the latest updates regarding the transformation programme in the Central Bank, and also discussed a memo on the delegation of some operational authorities related to the licensing and work of banks and financial institutions, aiming to expedite the decision-making process in the Central Bank.

The board also reviewed applications submitted by banks and other financial institutions operating in the UAE and approved the applications that fulfilled the conditions as per applicable law and regulations for each individual activity.

The board reviewed a report from Banking Supervision Department regarding the follow-up on the status of exchange houses in the UAE, along with its recommendations. The board took decisions related to reducing the activities of some of exchange houses that are not in compliance with CBUAE rules and regulations, while giving them a grace period to take corrective actions.

The board also reviewed the Internal Audit Department Report for Q4 2016 and the External Auditor Report about the Central Bank’s financial data of 31st December 2016. The board discussed the Central Bank’s audited accounts for the fiscal year ending on 31/12/2016. The financial data shall be approved after they have been issued by the External Auditor.

The board reviewed a presentation by the Risk Management on Annual Update of Credit Limits and Counterparty Risk Framework.

The board completed discussions of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard.