The fine was imposed because the individual had no authorisation to undertake a function that required prior approval from the Central Bank
The financial sanctions were imposed on January 24, 2021
This move came after the central bank met the market needs for liquidity over the previous months
Evolution of the regional banking ecosystem has propelled economic growth in recent years, and continues to progress apace
The decision follows the signing of a memorandum of understanding between the UAE central bank and the Israeli Prime Minister’s Office
The directive will encourage banks to strengthen the TESS scheme and support customers in overcoming the impact of the pandemic
The UAE’s central bank had provided more than $70bn of stimulus by March to aid businesses
The restructure follows the appointment of Abdulhamid Saeed as governor in April
The facility is a first step towards implementing the new Dirham Monetary Framework announced earlier this year
More than 140,000 eligible customers have already benefited from the TESS liquidity facility
A total of 5,000 silver commemorative coins weighing 60 grams will be issued
The regulator denied reports that the country was studying the feasibility of continuing the peg between the dirham and the US dollar.
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