WAM ABU DHABI: The board of directors of the Central Bank of the UAE, at a meeting on 6 July, approved the liquidity requirements system for banks operating in the UAE.

The new system aims to ensure that banks have efficient and effective measures in place for liquidity risk management and governance as well as to improve their liquid assets and funding channels.

The system provides a framework for implementing the requirements of Basel III banking supervision standards and reflects the interest of the Central Bank in adopting end establishing the international best practice standards of financial governance for the UAE's financial system.

The 6 July meeting was chaired by chairman of the board of directors of the Central Bank Khalil Sharif Al-Fulazi and was attended by deputy chairman of the board Khalid Juma Al-Majid, governor of the Central Bank Sultan Bin Nasser Al-Suwaidi and the members of the board.

WAM/MMYS