Chaired by Mansour bin Zayed, CBUAE board takes measures to limit impact of interest rate hikes on financial sector

Chaired by Mansour bin Zayed, CBUAE board takes measures to limit impact of interest rate hikes on financial sector

ABU DHABI, 15th June, 2023 (WAM) -- His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Minister of the Presidential Court and Chairman of the Central Bank of the UAE (CBUAE), has chaired the meeting of the CBUAE Board of Directors, which took place at Qasr Al Watan, Abu Dhabi.

The CBUAE Board went over the meeting's agenda, reviewed the issues brought up by the various CBUAE divisions, and evaluated how well projects and plans were progressing in alignment with national economic and future goals before making the required decisions.

The Board deliberated on the financial infrastructure reform programme for the nation's financial and insurance sectors, as well as the latest developments related to the first phase of the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy. They also looked over the latest updates relevant to the domestic payment scheme and assessed the recommended implementation models.

Additionally, the Board discussed the impact of interest rate hikes in the country's financial sector and approved the recommended solutions to limit the impact on individuals paying mortgages.

The meeting covered a series of topics, including plans to develop and implement green financing initiatives; the implementation of sustainability strategies in