UAE: Sheikh Mansour, Central Bank take steps to limit impact of interest rate hikes on financial sector

UAE: Sheikh Mansour, Central Bank take steps to limit impact of interest rate hikes on financial sector

CBUAE Board evaluated how well projects and plans were progressing in alignment with national economic and future goals before making the required decisions

By WAM Published: Thu 15 Jun 2023, 7:06 PM

Sheikh Mansour bin Zayed Al Nahyan, UAE Vice-President, Deputy Prime Minister and 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