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Banks will not be Negatively Impacted by Financial Turmoil


Middle East : 09 October 2011

Source: Khaleej Times

The Central Bank of the UAE has said that banks are in “good position” and should not be “negatively” impacted by the recent turmoil in international markets.

This was stated in a report, by the manager-in-charge of the Financial Stability Unit, which was presented to the board of directors of the central bank. Last month, Obaid Humaid Al Tayer, State Minister for Financial Affairs said the liquidity levels at the banks at comfortable levels.

He said nation’s economy is “quite resilient” to the economic shocks.

The economy minister recently put economic growth at 3-3.5 per cent in the year.

The board reviewed a report submitted by the Governor regarding BIS Governor’s meetings and another on the IMF meetings.

It also reviewed a report submitted by Assistant Govenor for Banking Supervision regarding the banking indicators. The board also reviewed some organisational matters relating to Internal Audit Operations at the Central Bank and approved the manuals suggested to control its function.

The applications submitted by banks operating in the UAE to expand their businesses and open new branches, were also reviewed by the board.

The applications, which fulfilled the terms as per the law and regulations were approved.

The board of directors met under the chairmanship of Khalil Mohammed Sharif Foulathi, and attended by Khalid Juma Al Majid, Deputy Chairman , Sultan bin Nasser Al Suwaidi, the Governor.

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