UAE Central Bank wins top award for performance

The Central Bank of the United Arab Emirates has won the award for Best Federal Entity for Best Performance Improvement in the sixth round of the Mohammed bin Rashid Government Excellence Award, under the Sheikh Khalifa Government Excellence Program .

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, honored the winners during a ceremony at Expo 2020 Dubai, the banking regulator announced on Friday.

“Winning this award reflects strong evidence of CBUAE’s role and efforts in developing its business and services in accordance with best practices, raising performance levels and strengthening systems that serve the interest of the public in the financial and insurance sector,” the CBUAE said.

The banking regulator has unveiled a number of new initiatives in recent months to support the country’s financial sector.

These include rolling out a strengthened regulatory framework to oversee banks’ exposure to the real estate sector and issuing guidelines to help licensed foreign exchange bureaus combat money laundering and terrorist financing.

He also signed a bilateral currency swap agreement with the Central Bank of Turkey to strengthen economic ties between the UAE and Turkey.

The CBUAE also extended support measures aimed at helping lenders mitigate the effects of the Covid-19 pandemic by six months until mid-2022, to support the country’s continued economic recovery.

Relief measures related to banks’ capital buffers, liquidity and stable funding requirements will be extended until June 30 for all lenders operating in the UAE, the banking regulator announced in December. The measures are part of the targeted economic support package he introduced at the start of the pandemic in 2020.

“The Mohammed bin Rashid Government Excellence Award represents a catalyst for the development of government entities in many fields,” said CBUAE Governor Khaled Balama.

“Receiving this award is a great achievement, which will reinforce our role in promoting excellence and our commitment to continue the journey of transformation for further success, in line with the leadership’s aspirations to be among the leading central banks in the world. world.”

Updated: March 04, 2022, 12:57 p.m.

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