UAE Central Bank approves new systems

Abu Dhabi

The Board of Directors of the UAE Central Bank approved the system suggested by Monetary and Reserve Management Department (MRMD), for fixing Emirates Inter-Bank Offered Rate, (EIBOR), after introducing some amendments and instructing that the necessary steps are taken for implementation, according to a report on WAM.

At a meeting held recently, the board of directors also approved the systems relating to operational, accounting, and reputational risks proposed by Risk Management and Compliance Department, as part of the implementation of Central Bank’s Institutional Governance Initiative. The board instructed that some amendments be introduced to render the regulation consistent with the Central Bank operational plan and take necessary steps for implementation.

The attendees also reviewed applications submitted by banks and other financial institutions operating in the UAE, approving the applications that fulfilled the conditions as per applicable law and regulations for each individual activity. It also reviewed and approved the new proposed Central Bank Financial and Accounting System.