UAE Central Bank

Thu, 2023-09-28 17:10

RIYADH: Financial trade between the UAE and Egypt is expected to surge after the monetary authorities of the two nations signed a currency swap agreement.

The countries’ respective central banks formalized an arrangement between the UAE dirham and the Egyptian pound, according to a press statement.

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Egypt central bank

UAE In-Focus — Central Bank of the UAE records surge in foreign assets in April, surpassing $156.2bn

owen.bennett — Wed, 21 Jun 2023 12:45:11 +0000

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ARAB NEWS

Wed, 2023-06-21 15:38

RIYADH: Foreign assets of the Central Bank of the UAE surpassed 574 billion dirhams ($156.2 billion) in April 2023 for the first time in its history, according to data released by the institution on Tuesday.

The CBUAE’s foreign assets increased 27 percent to 574.18 billion dirhams in April, compared to 452.18 billion dirhams in the same month last year.

It also recorded a monthly increase of 6.85 percent against the 537.39 billion dirhams achieved in March.

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UAE in-focus

Central Bank of the UAE

UAE’s banking assets climb 11.5% to $996.6bn in January: CBUAE

ameen.syed — Mon, 10 Apr 2023 12:23:12 +0000

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Mon, 2023-04-10 15:19

RIYADH: The value of UAE banks’ assets, including acceptance certificates, has increased to 3.66 trillion dirhams ($996.6 billion) in January, recording 11.5 percent growth over 3.29 trillion dirhams recorded during the same period last year, the latest central bank data revealed.

According to the Central Bank of UAE’s report on Monetary Banking Developments for January 2023, total bank credit increased 4.1 percent annually, or by 73.9 billion dirhams to 1.87 trillion dirhams. This is compared to roughly 1.8 trillion dirhams in January 2022.

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SAMA among Gulf central banks to mirror US Fed 25 bps interest rate hike

owen.bennett — Thu, 02 Feb 2023 09:12:42 +0000

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Farida Elgazzar

Thu, 2023-02-02 12:06

RIYADH: The Saudi Central Bank has increased its interest rate by 25 basis points to 5.25 percent, echoing Wednesday’s move by the US Federal Reserve to curb inflation.

A statement from the bank, also known as SAMA, noted its Reverse Repo rate has also increased to 4.75 percent.

Inflation is on the rise in the Kingdom, with the annual rate rising to 3.3 percent in December, up from 2.9 percent in November.

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Saudi Central Bank (SAMA)

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US Federal Reserve

interest rates

UAE’s Central Bank revises up GDP growth forecast to reach 4.2% in 2023

owen.bennett — Wed, 08 Jun 2022 14:52:22 +0000

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Wed, 2022-06-08 17:39

RIYADH: The Central Bank of the UAE has revised up its forecast for the country’s real gross domestic product to reach 4.2 percent in 2023, up from its previous projection of 3.3 percent.

According to its annual report for 2021, the bank expected the non-oil GDP growth to reach 3.9 percent in 2023, up from its previous estimate of 3.3 percent, Emirates News Agency reported.

Oil GDP growth is projected to reach 5 percent next year, compared to 3.4 percent in earlier estimates.

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GDP

UAE Central Bank launches overnight funding index

owen.bennett — Mon, 15 Nov 2021 10:39:16 +0000

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Mon, 2021-11-15 13:32

RIYADH: The Central Bank of the UAE (CBUAE) will launch a new index for overnight funding transactions denominated in UAE Dirham in December.

DONIA aims to provide market participants with interbank market data, and to improve transparency in domestic money market activities, as a part of the new Dirham Monetary Framework implementation plan.

It is a volume-weighted money market rate for all overnight secured and unsecured funding transactions of 10 million UAE Dirhams ($2.7 million) or greater.

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UAE

UAE central bank looking to replace benchmark rates: Reuters

shaiahmed — Thu, 16 Sep 2021 10:12:55 +0000

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Reuters

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Thu, 2021-09-16 11:46

The United Arab Emirates central bank is studying ways to replace the local interbank rate, three sources said, as it tries to catch up with global regulators who have called time on such benchmarks after banks' attempts to rig them.

The UAE is looking at potential replacements for EIBOR - the Emirates Interbank Offered Rate which is used to price financial instruments in the Gulf’s top financial centre - and has started consultations with commercial banks in recent weeks, said three sources familiar with the matter.

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UAE central bank plans to introduce digital currency

one.diaz — Mon, 12 Jul 2021 10:02:51 +0000

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