Business : UAE banks are in ‘good position’

The UAE Central Bank on Saturday declared a Dh3.7 billion net profit for the fiscal year 2011.
Banks in the country are in a good position and should not be negatively impacted by the recent turmoil in international markets, the Central Bank said in a statement issued after the board of directors’ meeting.

The board also discussed drafts of financial laws and instructed introduction of some ‘major amendments’ to them. The board stressed that these laws should reflect the independence of the Central Bank and the independence of monetary policy, as per the international standards issued by the Financial Stability Board and Basle Committee standards.

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