News Column

UAE Central Bank discusses new banking law

July 13, 2014



The board approved the applications that fulfilled the conditions as per the law and regulations applicable to each individual business activity.



The board discussed issues related to the development of the central bank's systems and staff to be at par with the new developments witnessed in the UAE to enhance performance. — Supplied photo







The UAE Central Bank's board discussed numerous issues related to the banking sector in the country and also approved financial institutions' application regarding their expansions during its latest meeting held last week.







The meeting, which was chaired by board chairman Khalifa Mohammed Al Kindi, discussed 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 the organisation of banking.







The board reviewed a report regarding the latest developments concerning a study on exchange business in the UAE, which is being carried out by McKinsey Consultation.







The board also discussed another report on the latest developments concerning the central bank's information technology strategy, which is being developed by the Boston Consulting Group.







The board instructed to have follow-up reports on the implementation of the requirements of the two studies. Subsequently, the board reviewed applications submitted by banks and 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 reviewed a memorandum regarding the State Audit Institution's comments on the financial year 2012. It discussed those comments and recommendations, and the way they could be implemented by the central bank.







The board discussed a report submitted by Governor Sultan bin Nasser Al Suwaidi regarding developments at the global economy. It also reviewed a memorandum regarding re-printing of quantities of currency notes of all denominations, 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 related to the development of the central bank's systems and staff to be at par with the new developments witnessed in the UAE to enhance performance.







•business@khaleejtimes.com




















For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Khaleej Times (United Arab Emirates)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters