Liquidity in UAE banking sector back to pre-Covid-19 level: Central Bank
Waheed Abbas/Dubai Filed on March 16, 2021
The apex bank announced the first stimulus package of Dh100 billion in March 2020 to support economy, banks, businesses and individuals. It was later increased to Dh256 billion to accelerate the economic recovery. File photo
Drawdowns by local banks under the Central Bank’s Targeted Economic Support Scheme (Tess) launched last year at zero-cost to support businesses and individuals stood at Dh22 billion in March 2021
The overall liquidity of the UAE banking system has returned to the pre-Covid-19 level, said Abdulhamid Saeed Alahmadi, governor of the Central Bank of the UAE (CBUAE).
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“As a result, CBUAE has issued [the] UAE’s first comprehensive financial consumer protection regulatory framework that defines the relationship between the financial and banking service providers and consumers in order to ensure the protection of financial consumers and continued confidence in the sector.”
The new measures are designed to improve the quality of information provided by financial institutions about products and services, as well as offering a more effective and efficient way of settling disputes, the regulator said.
This includes a requirement for banks and financial institutions to put in place an independent and fair complaint resolution system to receive and address consumer complaints, it added.
“Giving the Central Bank a broader mandate will ensure that high standards of supervision and regulation apply to all the sectors which we regulate including banking, insurance, money exchangers and payment services providers, the governor of the central bank, Abdulhamid Saeed Al Ahmadi, said. Our vision to build a prosperous insurance sector protects the interests of the policyholders and ensures adequate supervision and regulation, characterised by financially strong and properly managed insurance market participants who follow the highest standards of market conduct.
The supervisory duties being undertaken by the central bank include monitoring the financial solvency of insurance companies, ensuring businesses in the sector act ethically and protecting the rights of the insured, the statement said.