Browsing: Central Bank of the UAE

Credit facilities extended by UAE national banks to the private sector reached AED49.5B during the first five months of 2024, raising the cumulative total to AED1.182T by the end of May, up from AED1.132T at the end of December 2023, marking a 4.5 percent growth, according to the Central Bank of the UAE (CBUAE).

The Central Bank of the UAE (CBUAE) announced that its gold reserves reached AED 20.619B by the close of May 2024.

UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), attended the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG), which was held on 25-26 July under Brazil’s presidency for 2024.

UAE banks’ gross assets, including bankers’ acceptances, rose by over 10.8% year-on-year (YoY), reaching AED 418.1B, bringing the total to AED 4.287T, up from AED 3.869T in May 2023, according to the Central Bank of the UAE (CBUAE).

The Central Bank of the UAE (CBUAE) reported that customers deposited AED 13.8B ($3.76B) into savings accounts during the first quarter of this year.

The balance sheet of the Central Bank of the UAE (CBUAE) reached a record AED 771.23B by the end of March 2024, marking a 30% increase year-on-year from approximately AED 594.12B in March 2023, as reported by the CBUAE today..

UAE Sustainable Finance Working Group (SFWG) has introduced the ‘Principles for Sustainability-Related Disclosures for Reporting Entities’ as part of a collaborative effort among UAE regulatory bodies to enhance sustainability-related disclosure requirements for financial institutions in line with international standards. This initiative aligns with the declaration of 2024 as the ‘Year of Sustainability’.

The Central Bank of the UAE (CBUAE), in collaboration with the Bank for International Settlements Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China, has launched the Minimum Viable Product (MVP) platform of the mBridge project – a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlement. This marks the debut of the first multi-CBDC platform to reach the MVP phase, ready for use by early adopters.

Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has entered into a partnership with Core42 to commence the implementation of Open Finance across the nation.

Central Bank of the UAE released a notice on Monday instructing all banks and insurance firms to offer a six-month deferral on repayment of personal and car loan instalments for customers affected by recent adverse weather conditions. This deferral will be provided without any additional charges, interest, or increases to the principal loan amount.