The Central Bank confirmed that it is closely following the banks and financial institutions to reduce the number of employees in them to ensure that this does not negatively affect banking compliance and market behavior. He stressed continuing his efforts to compel banks to raise the Emiratization rate to 40% during the next three years.

It is noteworthy that data issued by the Central Bank last January indicated that banks reduced the number of their employees over the past year by 992 employees, bringing the total to 35 thousand and 637 employees by the end of 2019 compared to 36 thousand and 629 employees by the end of the same period of 2018, and banks reduced the number of employees during the four years The past (2015-2019) accounted for 4,522 employees.

The Central Bank said in a statement issued yesterday that "the Central Bank of the United Arab Emirates is often asked about the impact of the reduction in the number of employees in the banking and financial sector on the economy and consumers in the UAE."
He explained, "He is closely following the latest developments regarding reducing the number of employees in the financial and banking institutions in the country to ensure that the reduction of manpower does not negatively affect regulatory compliance and market behavior.
Al-Markazi indicated that, in light of the continuous changes taking place in the business sector and technological progress, banks are reviewing their business plans, the cost and revenue base, and making the necessary adjustments in light of the rapidly evolving competitive environment.

He said, "It must be noted that the central bank continues its efforts to localize the banking sector by requiring banks operating in the country to raise the settlement rate to 40% during the next three years, and many banking institutions are making efforts to achieve the rate of Emiratization in the sector by providing job opportunities and programs. Emirati graduates and those with experience.

It is noteworthy that the central bank published recent data indicating that banks have reduced the number of branches during the past year by 87 branches, which was interpreted by analysts with smart transformation and customers prefer banking transactions via the Internet along with mergers and reduce the cost of operations.