Sunday, July 13, 2014

UAE's first Dh1,000 currency note in Braille

The Board of Directors of Central Bank of the UAE discussed in its 4th meeting for the year 2014 the major subjects in the new banking law and reviewed a comparative analysis between it and Federal Law No-10 of 1980, Regarding the Central Bank, the Monetary System and Organisation of Banking.

The Board also reviewed a memorandum regarding re-printing of quantities of currency notes of denominations Dh1,000, Dh500, Dh200, Dh20, Dh10 and Dh5, using Braille characters, so that they will be readable by those who lost their vision, and instructed necessary actions be taken to proceed with execution.
The meeting, chaired by Khalifa Mohammed Al Kindi, Chairman of the Board, and attended by other board members and a group of senior Central Bank staff, reviewed a report regarding the latest developments concerning a study on Exchange Business in the UAE, which is being carried-out by McKinsey Consultation Co.

The Board reviewed another report on the latest developments concerning the Central Bank Information Technology strategy, which is being developed by Boston Consulting Group.

The Board instructed for follow-up reports on implementation of the requirements of the two studies.

Subsequently, the Board reviewed applications submitted by banks and other financial institutions operating in the UAE for the expansion of their activities and opening new branches.

The Board approved the applications that fulfilled the conditions as per the law and regulations applicable to each individual business activity.

It reviewed a memorandum regarding  the State Audit Institution’s comments on the financial year 2012 and discussed those comments and recommendations, and the way they could be implemented by the Central Bank.

The Board reviewed a report submitted by the Governor regarding Developments at Global Economy.

The Board discussed some issues relating to development of Central Bank’s systems and staff to be at par with the new developments witnessed in the U.A.E. to enhance performance.

Subsequently, the Board completed the discussion of the remaining topics listed on its agenda as well as other emerging topics and made appropriate decisions in this regard.
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