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Economic Managers to Brief FNC on Economy

The FNC has asked for testimony from the finance minister Obaid Al Tayer and Central Bank Governor Sultan bin Nasser Al Suwaidi on “what procedures and measures have already taken and what will be done in the future as the crisis will continue in 2009,” said Yousef Ali bin Fadil, a member of the assembly.

He said members of the council are particularly concerned about banking supervision and the regulation of banks in the UAE.

The UAE government has so far made Dh120 billion available to help banks operate in the country amid the global financial crisis.

“The main reason for this crisis is people dodging inspectors and working away from the book, so the role of the central bank is very important and we want to make sure the same isn’t happening in the UAE with our banks,” Fadil added.

FNC Spokesman Yousef Al Naqbi said the minister and governor will both be asked about fraudulent practices. “There are two questions that will be put to the finance minister, the first is about the global financial crisis and the second is about fictitious investment portfolios,” Naqbi said.