The plan will see 5,000 UAE nationals employed in the banking and financial sector by 2026
The central bank said saving deposits in the banking system have increased in recent years, from Dhs152bn in 2018 to Dhs241.8bn in 2021
The new banknote will be available at banks and exchange houses starting from April 10
In 2023, inflation is projected to decelerate to 3.2 per cent, on the back of softer price increases in all categories
The first phase of CBUAE’s CBDC strategy is expected to complete over the next 12 to 15 months and comprises of three major pillars
The investments increased by 3.25 per cent or Dhs16.6bn on a monthly basis
The central banks of Saudi Arabia and Bahrain also increased their interest rates after the US Federal Reserve raised its target interest rate
The Central Bank of UAE revealed that the total Islamic bank investments touched Dhs102bn by the end of last October
The new guidelines involve the use of digital ID systems by LFIs to address their customer due diligence obligations
The central bank attributed the increase in domestic credit to the increase in credit granted to the public and private sectors
The guidelines will support licensed financial institutions effectively implement their statutory obligations related to anti-money laundering and combatting the financing of terrorism
These guidelines follow CBUAE’s recently introduced AML/ CFT guidance for licensed financial institutions on risks related to payments
CBUAE stated that gross credit grew by 2.6 per cent, rising from Dhs1.817tn at the end of April to Dhs1.865tn at the end of May
The new guidelines state that licensed financial institutions should have compliance programmes in place to mitigate payment-related risks
The total number of insurance policies issued increased year-on-year by 10.4 per cent in Q1 2022 to 2.3 million
The platform, which allows real-time payments and fund transfers round the clock, will support SMEs, larger companies and financial institutions
A total of Dhs44.38bn has been withdrawn until end June