His gold balance reached 11.17 billion dirhams during January

The Central Bank issues two new payment systems

Abdul Hamid Saeed: "Payment systems are considered a" pillar of financing systems ", as they are the most important part of the state's financial infrastructure.

The Central Bank stated that it issued two new systems for payment systems, the first is high-value payment systems, and the second is retail payment systems, explaining that both systems apply to payment systems that operate from within the UAE, or that provide clearing or settlement in Emirati dirhams outside the UAE.

In a statement, the Central Bank indicated that the two systems aim to enhance the strong financial infrastructure necessary for financial stability and consumer protection, as well as support the global competitiveness of the UAE.

And he indicated that the high-value payment systems system sets standards for financial infrastructure systems that support wholesale payment activities in the country, while the retail payment systems system focuses on retail payment systems, which provide money transfer, clearing and settlement services related to retail payment activities. Retail payment systems, regardless of the currency or medium of exchange in which the transactions are made.

The Central Bank added that system operators and settlement institutions associated with high-value payment systems and currently existing retail payment systems operating from the UAE must comply with the requirements of these two systems during the transitional period, which ends at the end of February 2022.

The governor of the Central Bank, Abdul Hamid Muhammad Saeed Al-Ahmadi, said: “Payment systems are considered (a pillar of financing systems), as they are the most important part of the state’s financial infrastructure.”

He added, "The issuance of these two systems is another important achievement that will achieve our goal of providing a strong and easy-to-access financial infrastructure in the UAE, serving our financial institutions, and all our corporate and individual clients, and better support our competitive economy."

He added, "While the high-value payment systems and retail payment systems will facilitate the smooth, safe and effective conduct of commercial transactions, the retail payment system will provide an equal opportunity to enhance innovation, competition and financial inclusion."

On the other hand, the Central Bank’s balance of gold bullion reached about 11.17 billion dirhams during last January.

Statistics issued by the Central Bank showed that it sold 1.7 billion dirhams of its gold bullion balance during January 2021, the first time it had resorted to selling in three years.

This sale reflects the keenness of the Central Bank to achieve some gains, especially since a large percentage of its stock of this metal was bought at attractive prices in a previous period, before it started at the record high.

The Central Bank had returned to form a balance of gold at the beginning of 2015, after it sold its possession of the yellow metal and replaced its foreign reserves with a basket of international currencies.

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