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MANAMA: The UAE central bank must act this year to push forward previously issued rules and policies, a senior central bank official said yesterday.
Three times over the past year, the central bank has imposed regulations to limit risk at UAE commercial banks, but then backed off from enforcing them after complaints from the banks. In January, it said it would not enforce curbs on residential mortgage loans as a proportion of property values that it had set three weeks earlier. Last year it announced rules limiting banks’ exposure to state-linked borrowers, and rules requiring them to hold a certain ratio of their assets in the form of liquid instruments; both initiatives were suspended in December after discussions with banks.
But Saeed Abdulla Al Hamiz, assistant central bank governor for banking supervision, said yesterday that the central bank needed to move ahead with its regulation. Reuters