Agree to the investment policy of the "bank"

The Central Bank reviews the economic support plan to limit the repercussions of "Covid-19"

Mansour bin Zayed during his presidency of the regular meeting of the Board of Directors of the Central Bank.

WAM

The Board of Directors of the Central Bank held its regular meeting, yesterday, at Qasr Al Watan, headed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, where the Council reviewed the economic support plan to reduce the repercussions of "Covid-19".

The meeting was attended by Vice Chairman of the Board of Directors, Abdul Rahman Saleh Al Saleh, Governor of the Bank, Abdul Hamid Muhammad Saeed Al-Ahmadi, and each of the members of the Board of Directors: Younis Haji Al-Khoury, Khaled Muhammad Salem Balamya, Khaled Ahmad Al-Tayer, Ali Muhammad Al-Madawi Al-Rumaithi.

The Board approved the investment policy of the Central Bank, including technical specifications, the standard for the distribution of strategic assets, and the maximum risk budget, provided that the Risk Management and Compliance Department would set up institutional arrangements to absorb and monitor the new investment policy, including the analysis of risks and performance, and that the Finance Department set the arrangements Accounting and custodial measures necessary to facilitate the new investment policy. The Reserves Management Department will also activate the investment policy in full contact with the Monetary and Reserves Committee (MRC), and develop an implementation plan.

The Council reviewed a report on the developments of the TESS program, which succeeded in limiting the repercussions of the "Covid-19" pandemic, by relieving funding and liquidity pressures, enhancing lending capacity, and addressing operational challenges.

According to the latest data, more than 310,000 retail banking customers, about 10,000 small and medium companies, and more than 1,500 private sector companies have benefited from the loan deferral program.

The Council recommended a reassessment of developments in March and April 2021, while discussing the need for a further extension of the TESS program at that stage if necessary.

The meeting also discussed the plan for the gradual implementation of Basel standards in three stages: the first relates to the second quarter of 2021, the second relates to the fourth quarter of 2021, while the third phase relates to the second quarter of 2022.

The attendees heard a report from the Governor on the roadmap for the next 50 years, which focused on enhancing monetary and financial stability through effective supervision, prudent management of reserves, and a strong financial infrastructure, in line with best practices and global standards.

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