UAE studies licensing new foreign banks-cen bank

The United Arab Emirates is considering allowing more foreign banks to operate in the country after a virtual freeze on new licences, the central bank governor said in remarks published on Feb 11, 2001. "The internal banking structure is strong and able to face any foreign competition," local newspapers quoted Sultan Nasser al-Suweidi as saying. "There is no longer any fear of opening the financial and banking sector to foreign firms, but that decision lies in the hands of the central bank

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