WASHINGTON DC / WAM
The UAE participated in the third US-Gulf Public-Private Banking Dialogue on correspondent banking, hosted by the U.S. Department of the Treasury in Washington DC on Thursday.
UAE officials discussed issues linked to the behavior of international US dollar clearing banks in reducing risks, with an ultimate objective of maintaining accounts of GCC banks and exchange houses with the international U.S. dollar clearing banks, to facilitate US dollar transactions and remittances. During the meeting, Mubarak Rashid Al Mansouri, Governor of the Central Bank of the UAE and head of the UAE delegation, explained the apex bank’s efforts in dealing with eliminating risk, starting with participation
in international meetings organised by the International Monetary Fund, as well as the Arab Monetary Fund and Financial Stability Board.
These meetings, he noted, helped increase awareness about the negative impact of de-risking, and raised concerns about its consequences. In addition, the Central Bank contributed to questionnaires and surveys, conducted by international organizations, to identify reasons for de-risking and its impact on UAE banks, exchange houses and their ability to access services offered by international banks, in general.