The Governor of the Central Bank of the Emirates, Khaled Mohammed Balama, stressed the strength and durability of the financial and banking sector in the country, noting that “banking and financial institutions and insurance companies naturally continue to provide their services to the public efficiently and regularly without interruption throughout the country.”
In a statement reported by the Emirates News Agency, WAM, Al-Amma explained that “the Central Bank was able to maintain the flexibility, strength and stability of the country’s financial and banking position, despite the successive geopolitical changes that the region witnessed during that period.”
He added: “The Central Bank and the country’s banking and financial sector have demonstrated a high capacity for flexibility, adaptation and growth, which has strengthened the UAE’s position as an attractive and safe destination and a leading financial center at the regional and global levels.”
The Minister pointed out that this reflects the strength of the foundations on which the country’s financial and banking system was built, which is based on good governance, discipline, financial and banking diversification, proactiveness in risk management, and high readiness to confront regional changes.
He also pointed out that the banking and financial sector in the UAE is characterized by very high levels of capital adequacy and cash liquidity, with the capital adequacy ratio reaching 17%, while the liquidity coverage rate exceeds 146.6%, which are levels that exceed the regulatory requirements recommended by international bodies and organizations.
Al-Amma explained that the total assets of the banking and financial sector in the country, which exceed 5.42 trillion dirhams, confirms the magnitude and strength of the financial positions of banking institutions and their ability to fulfill their obligations and continue to support economic activity at various times and circumstances.
He stressed that the banking systems, payment systems and national financial infrastructure operate with complete efficiency and stability, supported by advanced operational and technical frameworks that ensure the continuation of banking and financial operations smoothly and safely.
The Minister stated that banking and financial institutions operating in the Emirates apply advanced frameworks to identify and manage risks and business continuity in accordance with the best international standards and practices, which enhances their ability to deal with potential changes and challenges efficiently and flexibly.
He stressed that the UAE Central Bank continues to coordinate continuously with the concerned authorities and financial institutions to follow developments and ensure full operational readiness and the continuity of financial and banking services without being affected.
He concluded by saying: “The Central Bank has an integrated system of tools and precautionary monetary policies that enable it to intervene in a timely manner to maintain the stability of the banking and financial sector and enhance levels of confidence and reassurance, as the Central Bank played this role in the various circumstances that the region went through.”
