Dubai, UAE, March 05, 2018: The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018 at 9:30am on Sunday, 4th March 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies 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 Central Bank's Annual Report for the year 2017, presented by the Research & Statistics Department. The report covered international economic developments, domestic economic developments, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments, in addition to Central Bank's policy priorities in 2017.
The board instructed publication of the report on the Central Bank's Website.
The Board followed-up on the implementation of Transformation Phase III in the Central Bank, and took necessary decisions for achieving institutional transformation that is in line with highest international organizational levels.
The Board reviewed applications submitted by banks & other financial institutions operating in the UAE. The Board approved the applications that fulfilled the conditions as per the applicable law and / or regulations for each individual activity.
The Board also reviewed a number of reports presented by the Banking Supervision Department, and instructed them to take necessary measures to protect banking system and promote its strength and stability. Some of the suggestions included:
- Issuing Basel III Capital Issuance Standard.
- Decreasing the activity of some currency exchange companies because they do not comply with Central Bank regulations.
The Banking Supervision Department also submitted a report on approvals for banks and financial institutions according to the delegation of authority for Q3 and Q4 of 2017. The Board reviewed the report and clarified what has been implemented by the Department in this regard.
A team from Banking Supervision Department also presented:
Issuance of IFRS 9 Guidance Note
The Board discussed all the details related to the Issuance of IFRS 9 Guidance Note and took a decision regarding its issuance.
The Board also reviewed the following topics relating to the Department of Banking Operations and Payment Systems:
- The foreign exchange reserves at the Central Bank.
- The Central Bank's stock of coins, the Board was notified of the movement of withdrawals and deposits of the currency in the country during 2017.
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.