The Central Bank of the United Arab Emirates has confirmed its readiness to support the banking system in order to reduce the risks of the outbreak of the Corona Virus (COVID-19), in order to ensure the stability of the banking sector in the United Arab Emirates.
As part of the Central Bank's efforts to ensure the safety of its employees, the Central Bank has formed an internal committee responsible for taking preventive measures to limit the spread of the virus at its headquarters and branches, and these measures include providing basic preventive guidance to protect employees from the Corona virus. Central bank branch employees who deal with paper money are also required to strictly comply with clearance procedures and procedures for communicating with companies that transfer money to and from branches to ensure the smooth running and continuity of operations as cash is not handled in naked hands without the use of gloves.
Moreover, remote work has been gradually activated within the appropriate controls and in line with the business continuity plan, and external and internal meetings have been replaced by virtual platforms.
In order to achieve protection for the financial community, a committee was formed to communicate with the banks to guide them on the system of their business continuity plan to ensure that the vital services of individual customers and companies are not interrupted if the banks are affected by the virus. Banks must be prepared to provide a sufficient amount of banknotes in ATMs and branches and to keep their customers informed in the event of any change in working hours as well as to ensure that their digital channels and call centers are equipped to deal with the large-use flow.
His Excellency Mubarak Rashid Al Mansouri, Governor of the Central Bank of the United Arab Emirates, stated: “The Central Bank is closely monitoring developments related to the spread of the Corona virus and we are working with banks and other financial institutions in addition to other stakeholders to provide them with the necessary support to reduce the negative impact on financial stability and economic growth.”