UAE Central Bank may take additional measures to support recovery, if needed

Gulf Today, Staff Reporter

Khalid Mohammed Balama, Governor of the Central Bank of the UAE, hosted the CEOs of banks operating in the UAE.

The quarterly meeting aims to promote the growth of the banking sector in the country.

The Central Bank indicated that the second phase of the strategy of gradual withdrawal of the support plan will end in the middle of 2022, and many other measures that support recovery will remain in force at the present time.

He stressed that he is closely monitoring developments in the economic situation worldwide, and is ready to take additional measures if necessary.

The Central Bank and the chief executives discussed the global and Emirati economic recovery during 2021, and the expectations for 2022.

The Central Bank also highlighted the most important Emiratisation initiatives with the aim of creating new job opportunities for the country's citizens and supporting the development of national talent in the banking sector.

On the other hand, the CEOs of the banks praised the broad measures of the comprehensive economic support plan directed at the repercussions of the Covid-19 pandemic.

The improved economic indicators allowed the Central Bank to smoothly complete the first phase of the gradual withdrawal strategy of the support plan by the end of 2021.

Khalid Mohammed Balama, Governor of the Central Bank, said, “The Central Bank aims to support the competitiveness of the UAE financial system, as our joint ambition with banks operating in the country is to push the UAE banking sector to become among the best in the world, which was discussed during our meeting with CEOs.”