Central Bank of UAE issues its 2022 Annual Report on monetary, financial stability

Central Bank of UAE issues its 2022 Annual Report on monetary, financial stability

ABU DHABI - The Central Bank of the UAE (CBUAE) issued its 2022 Annual Report, highlighting its progress and initiatives to bolster monetary and financial stability in the UAE throughout the year.

The report highlighted the CBUAE’s monitoring and supervision efforts to enhance monetary stability and the financial sector's resilience and support economic activity in the UAE.

It also sheds light on economic developments observed locally, regionally, and globally throughout the year, noting that the UAE was among the world’s best-performing economies, supported by the decisions and directives of the wise leadership, as well as its undertaking of proactive measures and the reopening of the economy following the COVID-19 pandemic.

The UAE's gross domestic product (GDP) is expected to have grown by nearly 7.6 percent in 2022, supported by significant activity across all sectors. It is among the highest globally as international markets observed a slowdown in economic growth due to increases in interest rates and geopolitical tensions.

Additionally, despite the sharp rise of inflation globally in light of the pressures on supply chains and the increase in commodity prices, inflation in the UAE remained well below the international average at 4.8 percent with an expected decline in 2023.

In light of the expected global