CBUAE’s robust policy framework supports financial stability: Mansour bin Zayed

CBUAE’s robust policy framework supports financial stability: Mansour bin Zayed

ABU DHABI,10th May, 2023 (WAM) – The Central Bank of the UAE (CBUAE)'s robust policy framework provided the foundation to achieve the targeted economic outcomes for the country, as the UAE recorded an estimated GDP growth of 7.6% in 2022, affirmed His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Minister of the Presidential Court, and Chairman of the Board of Directors of the CBUAE.

‘’Despite the global trend, inflation in the UAE remained significantly below the 8.8% international average. This was in part due to the CBUAE’s decision to align with the strategy of the Federal Reserve System and raise the policy interest rate to 4.4%, as well as the exchange rate appreciation of the Dirham. Furthermore, the credit rating of the country remained high at Aa2 and AAby Moody’s and Fitch respectively, public debt level was low at 40% of GDP and credit continued to flow to both corporate and household sectors at a rate that was supportive of economic growth, said His Highness Sheikh Mansour bin Zaye in a message in the CBUAE 2022 Annual Report.

The 2022 Annual Report of the CBUAE highlights continued efforts to maintain monetary and financial stability, regulate and supervise