UAE Central Bank Approves Budget For Fiscal Year 2012
The Board of Directors of Central Bank of the UAE held its 12th meeting for the year 2011 under the chairmanship of Khalil Mohammed Sharif Foulathi, Chairman of the Board and attended by Sultan Bin Nasser Al Suwaidi, the Governor.
The meeting was also attended by Board Members, Younis Haji Khoori, Mubarak Rashid Al Mansouri, Khalid Salim Balama, Khalid Ahmed Al Tayer, and the Deputy Governor Mohamed Ali Bin Zayed Al Falasi, Saeed Abdullah Al Hamiz, Assistant Governor for Banking Supervision, Saif Hadif Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability Affairs and a group of senior Central Bank staff.
The Board reviewed the budget for the fiscal year 2012, and adopted it as follows: - Total expected Revenues of AED 4,322 Million - Total expected Expenses of AED 822 Million - With the Net Profit of AED 3,500 Million, compared to AED 3,470 Million expected in 2011.
The Board reviewed a report submitted by Assistant Governor for Banking Supervision regarding the banking indicators.
The Board reviewed report of the manager-in- charge of the Financial Stability Unit, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets.
Furthermore, the Board reviewed applications submitted by banks operating in the UAE to expand their businesses and open new branches, and reviewed applications from natural and juridical persons to establish companies/ establishments to undertake financial activities and money changing business. The Board approved the applications, which fulfill the terms as per the law and regulations, as applied to each business activity.
The Board also reviewed some organizational matters relating to Internal Audit Operations at the Central Bank and approved the manuals suggested to control its function.
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