Requests for bank branches studied

Abu Dhabi: The Board of Directors of the UAE Central Bank held its 10th meeting for the current year yesterday under the chairmanship of Khalil Mohammad Sharif Fouladi, the board chairman.

Vice-Chairman and Governor of the Central Bank Sultan Bin Nasser Al Suwaidi, Deputy Governor Mohammad Ali Bin Zayed Al Falasi, board members Younus Haji Khoury, Mubarak Rashid Al Mansouri, Khalid Ahmad Al Tayer, Khalid Mohammad Salim Bel Ami and a number of senior officials of the bank attended the meeting.

The board approved the minutes of its previous meeting and the decisions that have been taken. It discussed the budget estimates for fiscal year 2011, with a total projected revenue of Dh4.8 billion and total projected expenditures of Dh1.1 billion including interest expenses on certificates of deposit and a net profit expected at Dh3.7billion.

Monetary situation

The board reviewed a report on the financial situation of a number of banks, and heard reports on the monetary situation and indicators of the banking system.

The board also discussed the requests from banks operating in the country to expand their activities and open new branches, in addition to a number of applications for setting up financial institutions.

The council also discussed the memos on organizational matters in the Central Bank and took appropriate decisions.