UAE Central Bank's board holds third meeting

The Board of Directors of Central Bank of the UAE (CBUAE) held its third meeting for the year 2015 on Wednesday, 29 April 2015, in Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board.

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 Mohammed Salem Balama, Khalid Ahmed Al Tayer, Hamad Mubarak Bu Amim, as well as by Mohamed Ali Bin Zayed Al Falasi, Deputy Governor, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadef Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability and a group of senior Central Bank staff.

The Board reviewed a Monetary Policy & Financial Stability Department report on macro- prudential ratios for the banking system/ banking stability and liquidity indicators of the banking sector.

The Board reviewed another report regarding latest developments concerning the Central Bank’s IT Strategy Project and instructed speedy completion of the said project.

The Board also reviewed latest developments regarding Liquidity System Project and Moneychangers System Project.

The Board discussed a report on purchasing devices and equipment for enhancing the readiness of Business Continuity and Disaster Recovery Centre at Al Ain.

The Board then reviewed applications submitted by banks & other financial institutions operating in the UAE 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 then reviewed the Central Bank Quarterly Review for Q4 2014 which includes 5 chapters on International Economic Developments, Domestic Economic Developments, Financial Stability and Soundness Indicators, Bank Liquidity and Reserve Management, and Payment Systems’ Developments The review includes policy priorities for the CBUAE in 2015 which will be further articulated in the forthcoming 2014 Annual report and Quarterly Reviews in 2015.

The Board also reviewed some issues presented by the Human Resources Division in the Central Bank, and made appropriate decisions in this respect.

The Board then proceeded to discuss the remaining topics listed on its agenda, as well as other emerging topics and made appropriate decisions in this regard.