UAE banking resilient; Covid poses challenges – ZAWYA

UAE banking resilient; Covid poses challenges – ZAWYA

UAE banking resilient; COVID-19 poses challenges | ZAWYA MENA Edition HomeBusinessFinancial ServicesArticleUAE banking resilient; COVID-19 poses challenges The UAE banking system entered 2020 from a strong position despite the significant uncertainties from the Covid-19 pandemic    Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi. Image used for illustrative purpose.The UAE banking sector is well-capitalised and resilient to absorb significant macro-financial shocks, the Central Bank said on Tuesday.The apex bank said the UAE banking system entered 2020 from a strong position despite the significant uncertainties from the Covid-19 pandemic."Capital ratios and liquidity buffers of the banking sector remained adequate and well above regulatory requirements. The banking system remained profitable with improved cost-efficiency benefitting from efficiency gains related to recent mergers in the sector," the central bank said in its 2019 Financial Stability report released on Tuesday.The apex bank said the UAE banking system entered 2020 from a strong position despite the significant uncertainties from the Covid-19 pandemic.The UAE banking sector is well-capitalised and resilient to absorb significant macro-financial shocks, the Central Bank said on Tuesday."Capital ratios and liquidity buffers of the banking sector remained adequate and well above regulatory requirements.