The meeting, which was attended by Abdulrahman Saleh Al Saleh, Vice Chairman of the Board of Directors and Governor of the Central Bank, along with the board’s members, discussed several issues listed on its agenda, most notably a document presented by the Banking Supervision and Examination Department that included suggestions on the financial policies and activities related to the licencing of financial institutions, as well as a document on the enforcement measures against facilities that violate the Central Bank’s policies and instructions.
The CBUAE also approved various requests from national banks and financial institutions and issues a licence to establish a specialist bank operating according to a low-risk system.
The meeting’s participants reviewed the bank’s Targeted Economic Support Scheme (TESS) and its role in mitigating the financial and economic repercussions of the coronavirus (COVID-19) pandemic. The meeting also issued a decision to extend the AED50 billion ZERO cost funding support facility provided to banks and financial companies until the end of 2021.
The members of the board then approved the third and latest issuance of the country’s banknotes, in line with the preparations for the "Year of the 50th." The new banknotes will have security marks that meet international standards.
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