The Central Bank regulator will be focussed upon enhancing digital transformation as a part for a 50-year strategy. The nation’s largest and prime regulator The Central Bank of the UAE will thrive in for continuation for protection as well as expansion drive for the nation’s financial as well as banking arena and ensuring their overall agility as well as resilience, as stated by the governor Abdulhamid Alahmadi as on Tuesday.
The following announcement regard the remarks was done on the occasion of UAE’s National Day Celebrations with an online meeting alongside the staff members of the Central Bank.
The Central Bank would as well as get focussed regarding powering the digitalized shift across UAE’s Banking as well as Financial arena as part of their 50-year strategy. It also has commenced a latest FinTech establishment for driving the expansion of digitalized payments as well as in enhancing financial inclusion within the nation. The Central Banks of the UAE as well as Saudi Arabia are in tandem assessing option of issuance of latest digitalized currency that could be utilized for expansion of cross-border payment system within the two nations.
Mr. Alahmadi stated that: “They would like to stress upon the vitality specs for exactness of the CBUAE’s strategic direction with the light of the UAE’s forthcoming Golden Jubilee celebrations as well as in creation of up to the forthcoming fifty years of expansion, underpinned through digital renovation, progressive protocols, robust administration and adequate controls.”
The UAE central bank has set rolling out numerous actions and initiatives this year to inspire the local economy amid a darkening outlook for the global economy.
The previous month, the regulator prolonged the Dh50 billion ($13.61bn) Targeted Economic Support Scheme (Tess) until June 30 subsequent year in an effort to endure backup for the economy.
The scheme was launched in March to provision the UAE’s economy through the pandemic, offering zero-cost collateral funding to banks as a way of keeping lending flowing to the broader economy. It was portion of an initial package of relief measures worth Dh100bn that also elaboratively had relaxed banks’ liquidity and capital requirements. The size of stimulus provided by the bank later enlarged to Dh256bn.
To date, the Tess programme has benefited more than 310,000 retail customers, nearly 10,000 small and medium sized enterprises and more than 1,500 private sector corporates, the central bank said last month. Mr Alahmadi highlighted the central bank’s resilience amid the Covid-19 pandemic that has tipped the world economy into its worst recession since the 1930s.