UAE central bank sees profits soar

The net profit of the UAE central bank is expected to reach Dh2.7 billion ($730 million) in 2007 while the projected revenues were Dh4.65 billion against expenditures of Dh1.95 billion, Gulf News reported.

Expenditures include interest to be paid on Certificates of Deposits, said a report by Gulf News, quoting bank officials.

The board discussed and endorsed draft regulations for merchant and investment banks while discussing the budget for 2007, the report added.

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