CBUAE Governor Hosts Strategic Roundtable on UAE Exchange Business Developments

The Governor of the Central Bank of the UAE hosted a high-level roundtable with the Foreign Exchange and Remittance Group to discuss key updates and advancements in the UAE's exchange business sector, highlighting the role of exchange houses and discussing regulatory priorities.

Abu Dhabi [UAE], September 27 (ANI/WAM): The Central Bank of the UAE (CBUAE) conducted a high-profile roundtable, led by Governor Khaled Mohamed Balama, to discuss the latest updates in the exchange business sector with the Chairman and representatives of the Foreign Exchange and Remittance Group. The meeting, attended by CBUAE Assistant Governors, emphasized the vital role of over 1000 exchange house branches operating nationwide.

The roundtable discussion covered CBUAE's main priorities, including prudential supervision, market conduct, and AML/CFT regulations related to exchange businesses. It also acknowledged significant strides in Emiratisation and the digitalisation of financial services within the UAE. Governor Balama highlighted the Central Bank's commitment to enhancing the regulatory framework to support the financial sector's growth.

Governor Balama noted the importance of regular, open dialogue with licensed financial institutions to develop the financial sector. He stressed the need for initiatives aimed at infrastructure development and increasing the participation of national cadres in the financial sector, especially within exchange houses.

(With inputs from agencies.)