Central Bank to set up task force

The UAE Central Bank decided yesterday to set up a joint task force with the country's banks to discuss further measures to face the global crisis.

The Central Bank took the decision at a meeting between its Board and representatives of the UAE's 24 national banks and 28 foreign units.

The bankers told the CB's Board the recent measures taken by the Central Bank and the government to inject funds into the country's banks had supported their operations and allowed them to deal with the crisis.

"The meeting concluded the action taken by the Central Bank, the local and Federal Governments have been timely and effective in addressing the challenges stemming from the global crisis," the Central Bank said in a statement. "However, to preserve and build on confidence measures, a decision was taken to form a joint task force comprising representatives from the Central Bank and national banks to meet on a regular basis for reviewing matters of mutual concern and suggest remedial action thereof."

The statement said the banks' representatives put forward their suggestions on "ways and means to strengthen the banking sector." "It was decided that the Central Bank will summarise the bankers' responses and circulate the same to the banking community."

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