Dubai Eye 103.8

On Air Now
The Music Mix
11:00pm - 6:00am

Listen To Dubai Eye

UAE Central Bank revokes licence of Russia's MTS Bank

Friday, 31 March 2023 16:25

By ARN News Staff

WAM

The Central Bank of the UAE (CBUAE) has decided to cancel MTS Bank’s licence in Abu Dhabi due to the sanctions risks associated with the lender.

The Russian bank's operations in Abu Dhabi will be wound down within six months before closing the branch under CBUAE's supervision.

"This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank after the designation," the regulator said in a statement.

During the winding down, the branch will be prohibited from opening new accounts and conducting transactions, except for clearing prior obligations, and its use of the Central Bank’s payment systems will be restricted to this purpose only.

More from Local

Dubai strengthens school transport safety ahead of new academic year

Dubai’s Roads and Transport Authority (RTA) is stepping up preparations for the new academic year, with student safety and reliable school transport at the centre of its plans.
Sharjah Ruler approves more than 4,400 student scholarships

His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved 4,434 scholarships for Emirati students at eight higher education institutions in the Emirate.
Abu Dhabi steps up drive against abandoned vehicles, boats

Authorities in Abu Dhabi are reminding residents, visitors and commercial operators not to leave vehicles or boats abandoned in public spaces.
Twenty five judges take the oath in Sharjah

Six judges of the Court of Cassation and 19 senior appeal judges took their oath before His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, on Monday.
UAE to train more than 24,000 educators ahead of new academic year

More than 24,000 school leaders, teachers, advisors and support staff will undergo a five-day training workshop ahead of the new academic year.

Coming Up on Dubai Eye

The Business Breakfast
6:00am - 10:00am

The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.
The Agenda
10:00am - 1:00pm

Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the USA
UAE President Sheikh Mohamed Bin Zayed Al Nahyan’s visit to the US to boost economic and technology ties including AI.
New iPhone Launch - Too Soon For Apple?
Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn’t ready?
Working From Home or Hardly Working?
Does working from home kill productivity or can it benefit staff by giving them more flexibility and a better work/life balance?

On Dubai Eye

Is There Sufficient House Supply In UAE
Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?
Noon's First Female Delivery Driver
Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!