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UAE Central Bank holds seventh meeting of the year

Abu Dhabi: The Central Bank has held its 7th meeting for 2013 that was chaired by Khalifa Mohammad Al Kindi, Chairman of the Bank’s Board of Directors.

The board reviewed the latest developments regarding the Financial Services draft law and the procedures that have been taken. The board members made a number of recommendations to modify some of the bill’s items.

The board members also viewed the report of the Assistant Governor for monetary policy and financial stability regarding the overall prudential ratios of the banking system, the banking stability and indicators of liquidity in the banking sector, and the policy of the central bank’s reserves management report, apart from another report regarding the limits for deposits and dealing in foreign currencies with banks and other financial establishments.

The board also discussed the project regarding the policy of communication with the media that was set up to achieve the goals of the government communication policy to administrate and enhance relations with the media.

The board also viewed the modified ATM system. They also viewed the draft for the dormant accounts system at banks and other financial institutions that aims to ensure the rights of financial institutions customers and their heirs