His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the State, Deputy Prime Minister of the State, Head of the Workplace of the President, and Chairman of the Board of Administrators of the Central Financial institution of the Emirates, confirmed that the financial institution will proceed with the – their efforts in 2023 to make sure the steadiness of the monetary system within the nation and keep its security, in line with the rules and efforts of the state.
In his speech within the UAE Central Financial institution’s annual report for the yr 2023, His Highness stated: “In 2023, we celebrated the golden jubilee of the institution of the Central Financial institution, reaffirming our dedication to attain stability and innovation, to maintain up with it. with the most recent monetary, financial and environmental developments around the globe. On this context, the annual report of the UAE Central Financial institution comes to spotlight a very powerful milestones in our journey in the direction of excellence and attaining our imaginative and prescient of being among the many central banks greatest on this planet.”
the expansion
His Highness stated that the UAE’s gross home product achieved progress of three.6% in 2023, and the nation’s sturdy financial efficiency confirms continued financial flexibility in 2024. The Central Financial institution’s forecast for 2024 reveals that progress actual GDP of the nation 3.9%. Led by sturdy progress in non-oil sectors with 5.4%.
Persistence
His Highness defined that the UAE embraces sustainability and an efficient response to local weather change, and that is clearly demonstrated in internet hosting the Convention of the Events to the United Nations Framework Conference United on Local weather Change (COP28), the place the convention succeeded in establishing new requirements within the local weather motion agenda. On this regard, the UAE locations nice emphasis on addressing local weather change, by way of an bold local weather motion technique, the principle goal of which is the strategic initiative to attain local weather neutrality. local weather to be achieved by 2050.
His Majesty stated: “On this side, the Central Financial institution’s efforts have joined these of the state, by way of the Inexperienced and Sustainable Finance Initiative, to handle climate-related dangers, and its initiative to the banking sector is built-in into the nationwide financial institution. nation, to mobilize an quantity of 1 trillion dirhams for sustainable funding by 2030, which was formally introduced on the Convention of Events “COP28”. The Central Financial institution will proceed to take the mandatory measures to cut back climate-related dangers and their influence on monetary stability, in addition to constantly reviewing establishments’ enterprise fashions accredited finance, to make sure that they’re appropriate with the consideration of the transition to a inexperienced economic system. “
Infrastructure
His Majesty continued: “Along with the above, we supported the transformation of the monetary infrastructure and the continued digital transformation, which contributes to the shaping of the traits of the nationwide economic system and the finance division, and we launched the Union Funds Firm, to handle. the digital monetary infrastructure and the native system for fee playing cards underneath the identify “Geeon”, and we developed the infrastructure for the launch of digital foreign money for central banks, in addition to the moment fee platform “Anni” , which goals to strengthen infrastructure. the digital monetary providers system within the UAE.”
Native
His Highness defined that Emiratization within the monetary sector is on the prime of our priorities, because the yr 2023 noticed a outstanding progress in ranges of Emiratization, which was included in our means to make use of 2,720 Emirati residents, thus exceeding the goal of 1,875 residents, and the extent of Emiratization additionally elevated in management positions in banks by 8%, bringing the entire to 31%.
“Fatf”
His Highness stated that within the subject of combating cash laundering and combating the financing of terrorism, in February 2024, the Monetary Motion Process Drive (FATF) beneficial the efforts of the UAE to strengthen its supervisory frameworks, according to the most effective practices worldwide greatest. As a part of our dedication to guard the integrity of the UAE’s monetary system, we now have been requested to work intently with our counterparts in central banks in different nations and related worldwide organizations to make sure compliance to worldwide requirements for combating cash laundering and combating terrorist financing. .
Dispute Decision Unit
His Highness stated: “As a part of our dedication to defending client rights, we issued the “Regulation for the institution of a Banking and Insurance coverage Dispute Decision Unit within the Emirates,” after which the unit ” Sandak” launched, which is the primary impartial unit. unit with authorized persona to settle banking and insurance coverage disputes within the Emirates, and on the regional degree of the Center East and North Africa”. Within the conclusion, His Majesty thanked the senior administration of the Central Financial institution, the staff, and all related events for his or her efforts and dedication to our imaginative and prescient to be among the many greatest central banks on this planet its arduous efforts to attain excellence and innovation, and to develop… Useful insurance policies in the direction of attaining our final objective, which is to boost financial stability and defend the integrity of the monetary system within the UAE.
Utilizing all talents
His Excellency Khaled Mohammed Al-Amaa, Governor of the Central Financial institution, stated: “We search to utilize all capacities and capabilities to attain the imaginative and prescient of clever management in enhancing monetary and financial stability, establishing a framework sturdy administration and supervision for accredited finance. establishments, and selling and growing the banking, finance and insurance coverage sectors, in a means that contributes to selling sustainable progress.” It helps the nation’s place and international competitiveness.
The yr 2023, with the achievements, initiatives and tasks of the Central Financial institution, is taken into account to be a monetary yr of excellence, as we have fun the golden jubilee of the institution of the Central Financial institution of the Emirates, and we placed on launched revolutionary tasks throughout the monetary infrastructure program. to speed up digital transformation, which was a strategic transfer within the course of the monetary sector. We’ll proceed our efforts and revolutionary actions to allow the way forward for the monetary sector and strengthen the foundations of the UAE’s management as a worldwide monetary heart. “
Reasonable description
The Central Financial institution of the Emirates launched its annual report for the yr 2023, which features a complete evaluation of economic, financial and financial developments at native, regional and international ranges, and evaluations qualitative achievements and initiatives, which contribute to the expansion course of. and the prosperity of the Central Financial institution in numerous areas, and charting the way forward for the monetary management of the UAE.
The actual GDP of the UAE achieved a progress of three.6% in 2023, and is anticipated to achieve 3.9% in 2024, pushed by the sturdy progress of the assorted manufacturing and financial sectors. The monetary sector additionally maintained its sturdy efficiency in 2023, attaining an annual progress of 11.1% in complete property, reaching greater than 4 trillion dirhams, whereas the nation’s banking system strengthened its stable and powerful foundations, and at whereas sustaining sufficient capitalization, sturdy, and enough profitability. liquidity.
The Central Financial institution has made nice progress in implementing the revolutionary plans and initiatives in its technique for the years 2023-2026, attaining prestigious leads to the areas of economic stability and financial coverage , bettering effectivity and suppleness within the monetary system, and accelerating digital transformation. initiatives, which have been proven in strengthening the place of the Central Financial institution, by way of the event… Classification of the impartial banking system and indicators of economic security issued by the Worldwide Financial Fund. The Central Financial institution additionally continued to pursue a macro-prudential coverage to guard monetary stability, whereas on the identical time rising stress assessments to evaluate banks’ capital and liquidity reserves towards completely different situations.
The Central Financial institution needed to bolster its dedication to sustainable growth objectives, by way of a bunch of initiatives, together with the launch of the “Emirates Cup 28 Know-how Acceleration” competitors in 2023, which attracted 126 proposals from 31 nations , specializing in areas of technological innovation, to broaden the scope of sustainable financing. Along with the initiative to unite the efforts of the UAE banking sector in offering trillions of dirhams to help sustainable financing initiatives by 2030.
2024-06-13 22:07:50
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