The decree law aims to strengthen the CBUAE’s independence, enhance the stability of the UAE’s financial sector, and align regulation with global standards
The UAE’ central bank also reduced the base rate applied to its overnight deposit facility by 25 bps to 4.15 per cent, from 4.40 per cent, effective Thursday
The action was taken under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations
CBUAE took the decision following the US Fed’s announcement to keep the interest rate on reserve balances (IORB) unchanged
In addition to the rise in gold holdings, the CBUAE reported robust growth in various categories of banking deposits
The new currency note is made of polymer and features an innovative design and advanced security features
The US Federal Reserve kept its benchmark interest rate unchanged on Wednesday, maintaining the federal funds rate at 4.25 to 4.5 per cent
The decision follows the US Fed’s latest move to hold rates steady, signalling a cautious approach toward further tightening amid evolving economic conditions
The CBUAE’s economic review concludes that the UAE’s economy is on a steady growth trajectory, with strong contributions from both the oil and non-oil sectors
The decision is expected to influence lending rates and liquidity conditions across the country
According to CBUAE, the insurance sector’s growth was driven by increased policy activity, investment returns, and a rising demand for coverage in key areas such as property and employment
These developments reflect a robust economic landscape in the UAE, characterised by a solid banking sector and increasing investor confidence
The central bank imposed the hefty fine after an examination found deficiencies in the bank’s AML/CFT policies and procedures
The policy decision follows the US Federal Reserve’s announcement to keep interest rates unchanged
Under the deal, the CBUAE and NBE will also collaborate on payment platform services and electronic switches
The PPP Manual and the Sandbox Conditions regulation are crucial steps in the UAE’s strategy to build the country’s business ecosystem
In April, food and beverage inflation declined to 2.3 per cent, down from an average of 3.3 per cent seen in the first quarter
A faster growing oil and gas sector in 2025 will boost growth in the UAE, says a report
These projects, led by the Ministry of Finance, are part of the UAE’s comprehensive strategy to future-proof its economy and reinforce its status as a leading global financial hub
CBUAE highlighted a quarter over quarter rise of 5.7 per cent, equivalent to Dhs42.7bn, compared to about Dhs743.95bn at the end of Q4 2023
The US Fed’s decision to pause rate adjustments comes as inflation levels, although declining, has not required drastic changes in the economic landscape
The mBridge platform is an initiative under the CBUAE’s Financial Infrastructure Transformation programme that seeks to accelerate the digital transformation of the UAE’s financial services sector
Dirham-rupiah trade is expected to reduce transactional costs for businesses while strengthening financial cooperation
The CBUAE traditionally moves lockstep with the US Fed amid the UAE having pegged its currency to the US dollar at a rate of Dhs3.67 to $1
The increase in foreign asset volume is attributed to the rise in current account balances and deposits with banks abroad
The central bank said banks will not impose additional fees, interest or profits for loan repayment deferrals
The Central Bank’s report underscores the UAE’s resilience and positive economic trajectory, fueled by strong performance across various sectors
A fresh round of scam messages were sent to residents in the UAE, impersonating the Central Bank of the UAE
Total deposits of resident and non-resident customers with UAE banks rose by 13.5 per cent YoY to reach Dhs2.5tn
BNPL fintech firms can provide short-term credit services upon being licenced by the central bank as restricted licence finance companies