Abu Dhabi: The Board of Directors of the Central Bank of the UAE (CBUAE), held their fourth meeting this year via Video Conference on Sunday 3rd May 2020. The meeting hosted at CBUAE Head Office, took place under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board.
The meeting was attended by H.E. Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board and H.E. Abdulhamid Saeed the Governor, and Board members including: Their Excellencies Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, and a group of senior CBUAE employees.
The Board reviewed a report on recent developments relating to CBUAE Targeted Economic Support Scheme (TESS) aimed at containing the repercussions of COVID-19, and instructed follow-up on implementation of the scheme and taking necessary regulatory actions to achieve the desired purpose.
The Board of Directors also reviewed the utilization of the TESS, and noted the progress in the drawdown of the facility and the deferrals provided by banks to clients. The Board requested further continued implementation of the TESS to address the repercussions of the COVID-19 pandemic.
Moreover the Board reviewed the Higher Shari’ah Authority (HSA) 2019 Annual Report presented by His Eminence Sheikh Dr. Ahmad Abdul Aziz Al Haddad, Chairman of HSA, which detailed the Authority’s meetings, outputs, objectives, and operational plans 2019-2023. The report also stated the decisions taken by the Authority in addition to the Shari’ah and governance standards adopted by HSA. The CBUAE prudential standards were also discussed in addition to participations in local and international conferences and forums.
The Board discussed the CBUAE’s Annual Report for the year 2019, presented by the Research & Statistics Department. The report covered domestic and international economic developments, financial stability indicators, banking liquidity, monetary reserves management, and payment systems developments, monetary aggregates, and the CBUAE’s balance sheet. The report also covered the main highlights of CBUAE’s activities in 2019.
The Board instructed publication of the report on the Central Bank of the UAE website.
Furthermore, the Board approved the publication of the Financial Stability Report for the year 2019 as presented by the Financial Stability Department. The report will be available on the CBUAE website.
The report covers macro-financial conditions and financial cycle, banking and finance companies’ assessment, regulatory developments as well as an assessment of payment systems which is operated by the Central Bank of the UAE, capital markets and the insurance sector.
During the meeting, applications submitted by some Banks and financial institutions were presented, and the Board granted approvals to applications that met their respective requirements, as per the law and effective relevant regulations.
The Board completed the discussion of the remaining topics listed on its agenda, as well as any other new topics, and took appropriate decisions.
© Press Release 2020
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