UAE Central Bank
The CBUAE is the supervisory and regulatory authority of the banking and insurance sector in the UAE. It promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision. The regulator was founded in 1980. Its major roles include setting up appropriate regulations and standards for protection of consumers of licensed financial institutions, constantly monitoring the credit condition in the state, and managing foreign reserves to maintain, at all times, sufficient foreign currency assets to cover the monetary base.
Credit balance for the sectors from banks in Abu Dhabi was around $104.76 billion in May 2024
The UAE is one of only 36 countries worldwide currently piloting the implementation of CBDCs
In April 2024, CBUAE's gold reserves reached $5.54 billion
Gross credit grew 0.7 percent from AED2.063 trillion in April 2024 to $565.47 billion
The Federal Open Market Committee also noted that job gains have moderated
Central bank's regulations are designed to advance the digital economy and foster innovation in the fintech sphere
This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement
Central banks also sign MoU to establish a framework for the use of local currencies in settling cross-border transactions
Deposits reached AED286.67 billion ($78 billion) at the end of March 2024
The CBUAE has demonstrated its commitment to promoting economic and financial stability within the country
This growth was primarily driven by a 28 percent increase in net interest income
UAE-based bank investments reached $157 bn at end of July 2023
GCC central banks followed suit and raised interest rates by 25 basis points
Investments of banks in UAE rise by 4.3% on annual basis
For failing to comply with due diligence and reporting procedures
Saudi made a smaller increase after slight inflation slowdown
