ABU DHABI, March 5 (Xinhua) -- The United Arab Emirates' banking and financial sector remains stable and resilient, Governor of the Central Bank of the UAE (CBUAE) Khaled Mohamed Balama said Thursday, even as technical disruptions at a major bank caused long queues at some branches.
Balama stated that banks, financial institutions, and insurance companies across the country continue to operate normally and provide services without interruption. He noted that the sector maintains strong capital and liquidity buffers, with a capital adequacy ratio of about 17 percent and a liquidity coverage ratio exceeding 146.6 percent -- both well above international regulatory requirements.
He added that the UAE's banking systems, payment infrastructure, and financial institutions remain fully operational, and that the central bank continues to monitor developments closely to ensure financial stability.
Meanwhile, some banking services have experienced technical issues. Local media reported that a technical problem at an Amazon data center in Abu Dhabi disrupted mobile banking services of First Abu Dhabi Bank (FAB) for several days. A Xinhua reporter observed long queues of customers withdrawing cash at a FAB branch in the Mall of the Emirates in Dubai on Thursday. Analysts say the disruptions appear to be technical in nature and have not affected the overall stability of the UAE's banking system.
The UAE has been on heightened alert since a U.S.-Israeli military operation against Iran began on Saturday, triggering a sharp escalation across the Middle East with waves of missile exchanges and mounting casualties.
On Thursday, the UAE's Defense Ministry said its air defense systems intercepted six ballistic missiles and 125 drones, while one missile and six drones fell within UAE territory. The ministry added that the defense systems have detected a total of 196 ballistic missiles and 1,072 drones launched toward the country since Saturday.
Iran's attacks since Saturday have caused three deaths -- nationals of Pakistan, Nepal, and Bangladesh -- and 94 minor injuries, the ministry said. ■
