UAE to issue laws on hot money, bankruptcy

09:11, June 17, 2010      

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The government of the United Arab Emirates (UAE) will soon issue economic laws to regulate the Gulf nation's financial sector and control the flow of hot money in the national economy, local economic daily Emirates Business 24/ 7 reported Wednesday.

The new laws, compiled by the Finance Ministry in cooperation with the Securities and Commodities Authority, the Central Bank and the Insurance Authority, also deal with bankruptcy and credit and will be referred to the cabinet soon, Minister of State for Financial Affairs Obaid Al Tayer told a session of the Federal National Council, the UAE's legislative body.

It is necessary for the UAE to enact such laws in the wake of the fallout of the global financial crisis, Al Tayer said.

"We benefited from the many lessons of the global financial crisis, and the ministerial committee tasked with following up the impact of the crisis on the UAE economy is still engaged in monitoring the local and international situations," he was quoted as saying.

Al Tayer said the focus was on three important economic sectors -- trade, tourism and re-export.

"Our economic situation is good. Banks are performing well, the economic indicators are healthy, and growth is continuous and positive. We have to develop our legislations to ensure regulation and control over hot money and credit operations in particular," he added.

The country's economy was in sound health and there were no debts owed by the federal government, Al Tayer said.

All financial requirements of various ministries, especially the Interior Ministry, have been met, he said, adding that the next federal budget was expected to be another zero-deficit one.



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