UAE banking assets total $560bn, says Al Suwaidi

Central Bank governor also says Expo 2020 win will 'mean a lot' to UAE economy
UAE central bank governor Sultan bin Nasser Al Suwaidi
By Andy Sambidge
Wed 27 Nov 2013 02:42 PM

The UAE banking industry is safe and secure and overall confidence in banks is "justifiably strong", Sultan Nasser Al Suwaidi, the Governor of the UAE Central Bank, said on Wednesday.

Total assets of UAE banks were currently around $560 billion, he said, equivalent to one-third of bank assets in India, an indication of the global significance of the UAE economy.

Addressing a press conference, Al Suwaidi said it "would mean a lot" in terms of a boost to the UAE's economy if Dubai is chosen to host the Expo 2020 exhibition.

In response to a question about the lack of a GCC-wide currency, the formation of which has been under discussion for some time, Al Suwaidi said in comments published by news agency WAM that the UAE had withdrawn from the steps towards monetary union because of its view that there can be no unification of the currencies until a Gulf Common market has been established.

Turning to the issue of money laundering and the financing of terrorist activities, he said the Central Bank has a series of very effective controls in place to mitigate against such possibilities.

"The UAE has very effective laws and regulations in place, and will always apply them rigidly," he said.

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