UAE banks safe, says Central Bank Governor | GulfNews.com:
"The UAE banking industry is safe and secure, the Governor of the UAE Central Bank, Sultan Nasser Al Suwaidi, said on Wednesday.
Overall confidence in the UAE banks is justifiably strong, he added, thanks to effective supervision and the fact that there are mechanisms in place to safeguard the system.
Addressing a press conference organised for foreign correspondents invited by the National Media Council to visit the country on the occasion of the UAE’s National Day, Al Suwaidi said that the presence of numerous foreign banks and others from the GCC in the country, as well as the 23 local banks, was an indicator of the global confidence in the UAE’s banking system.
Asked how the UAE had been able to avoid the worst effects of the global banking crisis that began in 2008, the Governor noted that UAE banks had traditionally been focused on retail and commercial banking, dealing with real assets."
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