UAE Central Bank reviews continuous development plans, new initiatives

The board members addressed the bank's operational plans

  
Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. Image used for illustrative purpose

Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013. Image used for illustrative purpose

REUTERS/Ben Job

ABU DHABI:  The Board of Directors of the Central Bank of the United Arab Emirates, CBUAE, today reviewed the new initiatives and continuous development plans which envisage the apex bank seeking to become one of the best in the world in line with the directives of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and the CBUAE Board Chairman.

This came at the bank's 8th board meeting this year at Qasr Al Watan today under the chairmanship of H.H. Sheikh Mansour and in the presence board members and a number of senior officials and bankers.

The board members addressed the bank's operational plans and approved the consumer protection framework and regulatory oversight of the UAE banking industry. The board members were also briefed on the CBUAE's risk governance framework pertaining to anti-money laundry and combatting the financing of terrorism.

The attendees listened to a presentation on the new system for stored values, which has been developed and approved by the bank to provide disruptive solutions for facilitating retail payment services.

At the end of the meeting, H.H. Sheikh Mansour thanked the board members for their efforts and called for ensuring synergy to contribute to the realisation of the UAE’s wise leadership vision of reaching advanced spots in the relevant competitiveness indicators, and reflect all expectations from the effective role of the Central Bank..

The board meeting was attended by Abdulrahman Saleh Al Saleh, the Vice Chairman; Abdulhamid Mohammed Saeed, the Governor; and Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Humaid Al Tayer, and Dr. Ali Mohammed Al Rumaithi, the board members.

© Copyright Emirates News Agency (WAM) 2020.

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