Mansour bin Zayed directs more support for financial stability, digitalisation of banking sector

H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, has commended the role played by the Central Bank of the UAE, CBUAE, and its role in regulating and developing the country's banking and monetary system and ensuring its stability.

H.H. Sheikh Mansour's remarks came as he virtually chaired Sunday the 7th meeting of the CBUAE in the presence of the Apex Bank's board members.

At the beginning of the meeting, Sheikh Mansour conveyed the greetings of the country's wise leadership to the attendees, describing the current times as a critical juncture during which the CBUAE will continue to ensure the country's financial and fiscal stability in a way that "supports economic growth, develop the Gross Domestic Product, counter inflation and boost the foreign currency reserve."

"Efficient policies and mechanisms will be developed to respond to the rapid developments in the global banking and monetary sector," Sheikh Mansour said.

"The coming period will see significant support by the Board for the Central Bank's Senior Management to embrace digital transformation and to ensure greater efficiency and a higher level of operability," Sheikh Mansour added, noting that the competence and expertise boasted by the CBUAE will ensure it will be among the best central banks regionally and globally over the next five years thanks to the efficient measures and policies that will be developed over the coming period.

The CBUAE is planning to consolidate its cooperation and consultations with all relevant state departments to issue regulations, systems and polices efficient enough to respond to the directives of the country's wise leadership that aim at securing the aspired level of economic growth and fiscal stability as well as ensuring full support for banks and forging best possible solutions for institutions, corporations and individuals.

Abdul Hamid Mohammed Saeed, the Governor of the CBUAE, said Sheikh Mansour's chairmanship of the financial regulator's board of directors "comes as a significant support for the bank's development drive thanks to His Highness' insightful vision, extensive knowledge and wealth of experience."

"Sheikh Mansour has directed the Bank's board members and executive management teams to accelerate digitalisation efforts by overhauling the current policies, measures and corporate governance laws and regulations," the CBUAE governor said, highlighting in this regard the directives of Sheikh Mansour to develop Digital Identity for financial institutions, enhance cybersecurity, ensure operational risk assessment, and develop an open banking framework.

The meeting focused on modern fin-techs, including central bank digital currencies, development of financial infrastructure and digital solutions for SMEs against the backdrop of the current circumstances the world is going through as a result of the COVID-19 pandemic.

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a Federal Decree restructuring the Board of Directors of the Central Bank of the UAE, CBUAE, under the chairmanship of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Pursuant to the Decree, the Board of Directors of the CBUAE shall be reconstituted by the following members; Abdulrahman Saleh Al Saleh as the Vice Chairman; Abdulhamid Mohammed Saeed as the Governor; Younis Haji Al Khoori; Khalid Mohammed Salem Balama; Khalid Ahmad Humaid Al Tayer; and Dr. Ali Mohammed Bakheet Al Rumaithi.

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