Changes will create extra work for banks

Abu Dhabi: Shaikh Mohammad explained that the new UAE Strategy aims to expand current economic growth, support competitiveness, and update the legislative framework, as well as the create the ability to implement such changes.

Suggested changes and enhancements will affect the country's monetary policy and banking sector according to Sultan Bin Nasser Al Suwaidi, Governor of the UAE's Central Bank.

"The strategic plan includes the development and broadening of the various economic sectors, which requires additional work from the banks, and accordingly there are initiatives to emphasise the coordination of the monetary policy with the new strategy," Al Suwaidi told Gulf News, explaining that the process will entail additional costs, while the details related to the changes affecting the banking sector will be announced soon.

"The target of the strategy is to achieve federal harmony and social stability through the development of all the sectors including the banking sector, where UAE nationals represent 32 per cent of the workforce," commented Ahmad Humaid Al Tayer, Chairman of Emirates Bank International who explained that the coming phase will be setting the necessary frameworks for planning, implementing, and following up this strategy.