GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf states’ currencies are pegged to the dollar
The new Dhs500 note highlights the UAE’s cultural and tourism landmarks and ‘models’ of sustainability
The new CBUAE guidance related to the virtual assets sector is aimed at strengthening the supervisory and regulatory frameworks of the country’s central bank and other relevant bodies in line with global best practices
The notification from CBUAE comes after the US Federal Reserve announced that it is maintaining its key policy rate unchanged
The payments solutions provider is now positioned to offer direct merchant-acquiring services and payment aggregation solutions with reduced reliance on traditional banking channels
The central bank’s statistics showed these savings deposits increased by 5.8 per cent on a monthly basis
The administrative sanctions are the result of findings which revealed serious regulatory misconduct
GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf countries’ currencies are pegged to the dollar
The US Federal Reserve raised its benchmark interest rates by 25 points to the highest level in 22 years
The banks increased their credit balance by Dhs2.1bn or 0.3 per cent in April 2023, up from Dhs735.2bn a month earlier
The central bank said banks’ gross credit increased by 0.1 per cent to Dhs1.89tn in April, driven by a 0.4 per cent growth in domestic credit
The UAE central bank said Islamic bank’s gross assets increased by 7.31 per cent in Q1 2023, equivalent to Dhs44.3bn
The move by the Fed to leave its benchmark rate unchanged suggests that higher borrowing costs have made some progress in slowing inflation
The central bank said savings deposits in the UAE banking sector jumped 4.7 per cent year-on-year compared to Dhs251.3bn in March 2022
Month over month, bank investments jumped 1.3 per cent from Dhs541.4bn in February
The central bank’s guidance highlights the risks of dealing with virtual assets and virtual asset service providers and their business models
The CBUAE update showed a year-on-year growth of 15.2 per cent over the same period last year
Latest data from the central bank shows that gross credit surged by 1.2 per cent to Dhs1.89tn in February from 1.87tn a month earlier, driven by a 1.6 per cent increase in domestic credit
The plan will see 5,000 UAE nationals employed in the banking and financial sector by 2026
The central bank said saving deposits in the banking system have increased in recent years, from Dhs152bn in 2018 to Dhs241.8bn in 2021
The new banknote will be available at banks and exchange houses starting from April 10
In 2023, inflation is projected to decelerate to 3.2 per cent, on the back of softer price increases in all categories
The first phase of CBUAE’s CBDC strategy is expected to complete over the next 12 to 15 months and comprises three major pillars
The investments increased by 3.25 per cent or Dhs16.6bn on a monthly basis
The central banks of Saudi Arabia and Bahrain also increased their interest rates after the US Federal Reserve raised its target interest rate
The Central Bank of UAE revealed that the total Islamic bank investments touched Dhs102bn by the end of last October
The new guidelines involve the use of digital ID systems by LFIs to address their customer due diligence obligations
The central bank attributed the increase in domestic credit to the increase in credit granted to the public and private sectors
The guidelines will support licensed financial institutions effectively implement their statutory obligations related to anti-money laundering and combatting the financing of terrorism
These guidelines follow CBUAE’s recently introduced AML/ CFT guidance for licensed financial institutions on risks related to payments