UAE Central Bank board holds review meeting
The board of directors of the Central Bank of the UAE held its first meeting for 2016 last week under the chairmanship of Khalifa Mohammed Al Kindi, chairman of the board.
The meeting was attended by Khalid Juma Al Majid, deputy chairman, Mubarak Rashed Al Mansoori, governor, and board members Younis Haji Al Khoori, Khalid Mohammad Salem Al Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim.
Deputy governor Mohamad Ali Bin Zayed Al Falasi, assistant governor for banking supervision Saeed Abdullah Al Hamiz, assistant governor for monetary policy and financial stability Saif Hadef Al Shamsi also attended.
The board reviewed latest developments relating to the amendment of the Central Bank's law. It also studied a presentation by the risk unit regarding the Central Bank's approach to counterparty risk and the annual review of limits of such risks.
The board reviewed applications submitted by banks and other financial institutions operating in the UAE for expansion of their activities and opening new branches. The board approved applications that fulfilled conditions as per applicable law.