UAE Central Bank to stop cash withdrawal/deposits on Saturdays - Emirates24|7

UAE Central Bank to stop cash withdrawal/deposits on Saturdays

Central Bank of the UAE (Najeeb Mohammed)

The Central Bank of the UAE has announced that, with effect from Saturday, September 5, 2015, and as per its notice issued to all banks and exchange houses, it will stop providing cash withdrawal/deposit service to banks and exchange houses on Saturday of each week.

In a statement, the Central Bank said, "This service however shall continue throughout the rest of the weekdays from Sunday to Thursday. This decision has been made after coordination with the UAE Banks Federation."

The apex bank urged all banks and exchange houses operating in the UAE to take, on Thursday, the stock of cash they need to cover their needs for Friday and Saturday.

It added that the arrangements previously established for provision of this service during Eid and other public holidays shall continue, and banks and exchange houses shall be notified, in due course, via a special notice.

The Central Bank said that services relating to payment systems such as the Image Check Clearing System (ICCS), UAE Funds Transfer System (UAEFTS), UAE SWITCH, Direct Debit System (DDS), and Wage Protection System (WPS) will remain available, as they currently are, from Saturday to Thursday.

 

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