Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer and Hamad Mubarak Buamim, as well as by H.E.Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff. 

 

The Board reviewed a memo regarding the Macro Prudential Policy stance report – Q2 2018, and instructed necessary action be taken in respect thereof.  The Board also reviewed a memo regarding Large Exposures- Credit Concentrations and instructed necessary action be taken in respect thereof.   

 

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

 

The Board reviewed Central Bank’s Q2 Report for the year 2018 covering international economic developments, domestic economic developments, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments. 

 

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

 

The Board also reviewed a memo regarding contributions to   the establishment of Gulf Payments Company, and latest developments in the GCC-RTGS System project and took appropriate 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.