Board Of UAE Central Bank Suggests Downgrading Activities Of Some Exchange Houses For Non-compliance

Published date: .

Sunday 06, May 2018 by William Mullally

The statement did not name which exchange houses to which it was referring.

The Board of Directors of the Central Bank of the UAE held its third meeting of 2018 on Tuesday 1 May at the Central Bank Head Office Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board, according to a statement from the Central Bank.

The Board also reviewed a number of reports presented by the Banking Supervision Department, and "instructed them to take necessary measures to protect banking system and promote its strength and stability including a suggestion for downgrading the activities of some exchange houses for non-compliance with CBUAE requirements", said the Bank in a statement. The statement did not name which exchange houses to which it was referring.

The Board also reviewed the topic presented by the Department of Banking Operations and Payment Systems regarding reprinting new amounts of some bank note denominations to cover the Central Bank of UAE’s needs of cash for the coming two years. “The Board completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard,” said the Central Bank in a statement.

At the meeting, the Board reviewed applications submitted by banks and other financial institutions operating in the UAE. The Board approved the applications that fulfilled the conditions as per the applicable law and/or regulations for each individual activity, according to the Central Bank.

The Board also reviewed the Quarterly Financial Surveillance Report, the Financial Stability Report, as well as systemic prudential ratios and liquidity indicators for the banking sector.

The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.