United Arab Emirates, Abu Dhabi: The Board of Directors of the Central Bank of the UAE (CBUAE), held their ninth meeting for 2019 on Tuesday 10th December. 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. Mubarak Rashed Al Mansoori, 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, Saif Hadef Al Shamsi, Deputy Governor and a group of senior CBUAE employees.
The Board commenced its meeting by discussing a presentation conducted by a specialised team working on the FinTech office and implementation of 19 FinTech initiatives, and made the necessary decisions in this regard.
Then, the Board discussed the new Investment Management and External Manager Framework. After discussion, the Board approved the new framework.
The Board also reviewed applications submitted by some national banks, and granted approvals to applications that met their respective requirements.
Furthermore, the Board reviewed the updated dormant accounts process provided by the Regulatory Development Division within the Banking Supervision Department. After discussion, the Board approved it.
The Board reviewed Central Bank’s Q3 Report for the year 2019 covering international economic developments, domestic economic developments, financial stability indicators, banking liquidity, monetary aggregates and the Central Bank balance sheet.
The board instructed publication of the report on the Central Bank’s website.
The Board also discussed, and approved the Central Bank’s budget for the financial year 2020.
The Board completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions.
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