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Search resuls for: "UAE Central Bank"


6 mentions found


☆ UAE central bank asks lenders to defer loan repayments for six months to help flood-hit residents
  + stars: | 2024-04-23 | by ( Natasha Turak | ) www.cnbc.com   time to read: +1 min
The United Arab Emirates' central bank sent a directive to the country's lenders and insurers approving the deferring of loan repayments for six months, as residents and businesses reel from historic floods that paralyzed the normally dry desert emirate. "The Central Bank today issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the repercussions of the weather condition for a period of six months," the bank said in a Monday statement. "The deferral shall be without imposing additional fees, interest or profits, or otherwise increase the principal amount of the loan for the deferral of the repayment of installments." The notice will come as a relief to the many UAE residents who suffered losses and damages during the record-breaking storm. Roughly a year's worth of rain pummeled the Gulf country in a span of just 12 hours between April 16 and 17, destroying businesses, cars and other property.
Organizations: United Arab, Central Bank Locations: United Arab Emirates, UAE
☆ Western officials arrive in the UAE amid push to deprive Russia of advanced microchips
  + stars: | 2023-09-06 | by ( Mostafa Salem | ) edition.cnn.com   time to read: +5 min
The UAE has invested large sums in developing an artificial intelligence program and has a ministry dedicated to the technology. UAE ‘abides by UN sanctions’Russia is under a barrage of sanctions from the US and other Western nations following its full-scale invasion of Ukraine last year. Western officials have visited the UAE several times over the past two years to warn the regional business hub that helping Moscow evade sanctions wouldn’t be without consequences. The UAE central bank in March cancelled a license granted to Russia’s MTS Bank after it came under US and British sanctions. We look at BRICS from a geo-economic not a geo-political perspective, with the aim of strengthening our economic competitiveness,” a senior UAE official told CNN.
Persons: ”, AMD, “, Abu Organizations: Abu Dhabi CNN — Senior, United, European Union, CNN, Street, UAE, Nvidia, Reuters, AMD, US Department of Commerce, Financial Times, UAE’s Technology Innovation Institute, UN, US, “, MTS Bank, Moscow, BRICS, UAE hasn’t, New Development Bank Locations: Abu Dhabi, United Arab Emirates, Russia, Ukraine, United States, United Kingdom, Gulf, “, UAE, East, Saudi Arabia, Moscow, Iran, Washington, multipolarity, China, South Africa, BRICS
☆ UAE central bank issues AML/CTF guidance for dealing with virtual assets
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +1 min
DUBAI, May 31 (Reuters) - The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidance for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens, it said on Wednesday. The new guidance discusses the risks arising from dealing with virtual assets and virtual asset service providers, including on due diligence for licensed financial institutions when dealing with these customers and counterparties, the statement said. The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers. The bank said the guidance takes Financial Action Task Force (FATF) standards into account. The FATF in March 2022 included the UAE on a list of jurisdictions subject to increased monitoring, known as its "grey" list.
Persons: FATF, Clauda Tanios, Lisa Barrington, Sharon Singleton Organizations: UAE Central Bank, Thomson Locations: DUBAI, UAE
☆ UAE cancels licence for Russia's sanctioned MTS bank
  + stars: | 2023-03-31 | by ( ) www.reuters.com   time to read: +2 min
DUBAI, March 31 (Reuters) - The United Arab Emirates' central bank on Friday said it will cancel the licence it granted last year to Russia's MTS bank, which was placed under British and U.S. sanctions in February. Operations at the bank's UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under central bank supervision. "This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank," the UAE central bank's statement said. U.S. officials have visited the UAE to discuss with regulators including the central bank the importance of clamping down on sanctions evasion. MTS Bank, a fintech unit of Russia's largest mobile operator Mobile TeleSystems (MTSS.MM), was part of a broader sanctions package against 200 entities and individuals announced in February on the first anniversary of Russia's invasion of Ukraine.
☆ UAE central bank lifts base rate by 25 bps to match Fed –state news agency
  + stars: | 2023-03-22 | by ( ) www.reuters.com   time to read: 1 min
DUBAI, March 23 (Reuters) - The Central Bank of the United Arab Emirates will raise its base interest rate by 25 basis points to 4.9%, effective Thursday, state news agency WAM said, matching the U.S. Federal Reserve's hike, as the dirham is pegged to the dollar. The central bank will maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate, WAM said. Reporting by Yomna Ehab in Cairo; Writing by Yousef Saba; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.
☆ UAE central bank raises base rate by 75 bps to 3.15% –statement
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: 1 min
Sept 21 (Reuters) - The Central Bank of the United Arab Emirates said on Wednesday it was hiking its base rate by three quarters of a percentage point to 3.15% effective from Thursday, moving in parallel with the U.S. Federal Reserve's third straight hike of that size as its currency is pegged to the dollar. The bank said it would maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate. Register now for FREE unlimited access to Reuters.com RegisterReporting by Alaa Swilam and Mahmoud Mourad in Cairo; Writing by Yousef Saba; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
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