The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...

Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE). The statistics showed that the assets of...

Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...

Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking...

Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial institutions and licensed insurance companies, started its operations Thursday. Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies....

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report. The report highlights a robust...

Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to a report by the Central Bank of the UAE, reflecting a strong, dynamic, and active market driven by increasing demand and effective risk management. According to the apex bank's annual...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has said that the UAE insurance sector continued to grow in Q3 2023, as reflected by the increase in the number of insurance policies in line with the increase in the gross written premiums (GWP). In its report, CBUAE...

Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the end of October 2023, showing an annual increase of 7.8 percent, equivalent to about $5.17 billion, compared to approximately $66.59 billion in October 2022. The local currency, the dirham, accounted...

The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion ($187.2 billion) this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. The Central Bank's cash aggregates statistics...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf Payments Company (GPC) and owned by the GCC Central Banks.  “AFAQ”, a system linking payment systems in GCC countries, offers the service of executing financial transactions in local currencies to...

Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion ($272 billion) in sustainable finance by 2030, the UAE Banks Federation announced at an event on Monday. Coinciding with the UAE’s hosting of COP28, the Central Bank of the United...

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies. The...

Abu Dhabi, UAE - The CBUAE will provide UAE nationals with job opportunities across various banking and insurance specializations in an effort to meet the financial sector’s Emiratization objectives during its participation in the 17th annual Tawdheef exhibition taking place between November 13-15, at the Abu Dhabi National Exhibition Center...

The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It is closely tied to the US Federal Reserve's Interest on Reserve Balances (IORB), reflecting the general stance of the CBUAE's monetary policy. Qatar Central Bank too has maintained its current...

ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion (AED 28.5 billion) in the first half of 2023, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank’s figures showed that the...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to $161.22 billion at the end of June, from $160.70 billion in May. The UAE's current account balances and deposits with banks abroad amounted to $99 billion by the end of...

Abu Dhabi, UAE-- The banks in the UAE increased their credit facilities for the business and industrial sectors by around $7.73 billion in the first five months of this year. According to the latest statistics from the Central Bank of the UAE, the two sectors witnessed a 4 percent rise...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange house operating in the UAE, and struck off its name from the Register, and revoked the registration of RMB Commercial Brokers Co, a Hawaladar operating in the country. The administrative...

The decision by the central banks, in the US and most of the Middle East, to hike interest rates are designed to fight off inflationary pressures and maintain economic stability.

Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways to enhance the integrity of the financial system in a meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) on Wednesday. They also discussed partnership between CBUAE...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday signed two Memoranda of Understanding (MoUs), which aim to support the rapid growth of trade between the two countries. The CBUAE and RBI will work together to develop a framework...

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX General Index (FADGI.FGI) gained more than 20 percent in 2022. The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn). In its overview...

Abu Dhabi, UAE - UAE Islamic banking sector assets witnessed steady growth in 2022, accounting for 23.0 percent of the total UAE banking sector assets, according to the Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022.  The report highlighted the sector's continued recovery in profitability, supported by...

Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP and a sizable expansion of oil GDP, according to the Financial Stability Report for 2022 released today by the Central Bank of the UAE (CBUAE). The report noted that this...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 759.3 billion ($206.47 billion) at the end of March 2023 to AED 775.2 billion ($210.68 billion) at the end of April 2023. This was...

Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the first quarter of 2023, an annual increase of 7.31 percent against about $165 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE). The apex...

Abu Dhabi, UAE - Credit financing provided by the UAE national banks to the trade and industry sectors grew 6.1 percent YoY, or AED42.5 billion ($11.5 billion) in the first three months of 2023, according to recent data issued by the Central Bank of the UAE (CBUAE). The statistics showed...

Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed. The report, issued today, showed a YoY growth of 16 % compared to...

Abu Dhabi, UAE - The balance sheet of the Central Bank of the UAE (CBUAE) surpassed AED594 billion ($161 billion) by the end of March 2023, marking the largest level ever in its history, a CBUAE report has revealed. In its budget report for March 2023, the apex bank said...

Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating the use of, virtual assets (VA), such as cryptocurrencies and exchange tokens, and Virtual Asset Service Providers (VASPs) in money laundering and financing of terrorism. The guideline elaborates on various...

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating in the UAE and replaced it with a temporary committee of experts for six months. The central bank, however, didn't disclose the name of the insurance company, and what led...

Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed. The report, issued on Thursday, showed a YoY growth of 15.2 percent in the...

Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January 2023 to $1,020.55 billion at the end of February 2023, according to the Central Bank of the UAE's Monetary & Banking Developments for February 2023. Gross credit increased by 1.2...

ABU DHABI, UAE -  The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the UAE. The administrative sanctions take into account the banks' failures to comply with the CBUAE's instructions not to grant any loans or credit facilities to the beneficiaries of loans granted...

The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate.

ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be held Friday in Rabat, Morocco, to discuss means of overcoming the development challenges faced by the region. Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini will lead...

Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE). The apex bank's figures showed that...

Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of polymer for circulation in the market. The new banknote will be available at banks and exchange houses from 10 April 2023. It will be in circulation alongside the current AED1000...

Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was granted last year. The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months. Revocation of...

The bank cited the real estate and construction sectors as key drivers, as well as a dynamic manufacturing sector, like refineries and aluminum production.

Abu Dhabi, UAE – The UAE banks provided AED 83.3 billion ($23 billion)  in financial facilities to small and medium-sized enterprises in 2022, according to the latest data released by the Central Bank of the UAE (CBUAE). Loans to SMEs accounted for 10.4 percent of the total accumulated balance of...

Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion) by the end of December 2022, a YoY growth of AED4.00 billion ($1.08 billion), or 1.7 percent, from about AED241.82 billion ($66 billion)  in November 2021, statistics by the Central...

Abu Dhabi, UAE -The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation...

MTS Bank, approved for its licence last year, was one of more than 200 entities and individuals targeted by the fresh sanctions on the first anniversary of Russia's invasion of Ukraine. The Central Bank of UAE said MTS earned its license because it "fulfilled the criteria for licensing branches of...

Abu Dhabi, UAE— The gross subscriptions written by all Takaful insurance companies in the UAE reached AED4.35 billion in 2021, marking a growth rate of 0.51 percent over AED4.32 billion in 2020, the Central Bank of the UAE said in a report. These subscriptions accounted for 9.82 percent of the...

Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector. In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally. The program aims...

On a monthly basis, the deposits grew by 0.06 percent.