Under the chairmanship of Khalifa Mohammad Al Kindi, Chairman of the Board, the Board of Directors of the Central Bank of the UAE held its 3rd meeting for 2017 recently.


The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansouri, the Governor, and Board members; Younis Haji Al Khoori, Khalid Ahmad Al Tayer, Hamad Mubarak Bu Amim, as well as by Mohammad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.

Presented by the Research and Statistics Department, the Board reviewed the Central Bank’s Q1 Report for 2016, The report covered financial stability indicators, banking liquidity, monetary reserves management, international economic developments, and domestic economic developments.

The board instructed publication of the report on the Central Bank’s website.

The latest updates regarding the transformation program in the Central Bank was also reviewed by the board. Including the macro-prudential ratios of the banking sector, and liquidity indicators in the banking sector, the Board reviewed the Monetary Operations and Reserves Management Department’s reports.

Application review

The Board also discussed draft of the delegation of authorities’ matrix for the Banking Supervision Department, and the Monetary and Reserve Management Department, and took necessary decisions in this respect thereof.

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

The board also reviewed two issues submitted by the Banking Supervision Department regarding: Properties held by banks in settlement of debt, and were not disposed of within the allowed grace period; Emiratization ratios at banks and the points system (Emiratization strategy at banks). The Board took necessary decisions in this regard.

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


Petros Stathis