(MENAFN-Khaleej Times) The governor of the Central Bank of the UAE, Sultan bin Nasser Al Suwaidi, has said that job creation in emerging economies like the UAE will not depend on government related entities but on small and medium-sized enterprises
Al Suwaidi was speaking at the penal discussion on the second day of the Global Financial Market Forum, organised by the National Bank of Abu Dhabi. Others who were present on the occasion included Jean-Claude Trichet, former president of the European Central Bank; and Choongsoo Kim, governor of the Bank of Korea. Kim paid tribute to the close economic and commercial relationship between the UAE and South Korea; and said: “The relationship between the Bank of Korea and the UAE Central Bank is very close these days.”
Kim also said that he believes that central banks around the world in 2014 “will move from accommodative monetary policy to the basics,” and called it the year of transformation.
Later, in the day, Al Suwaidi, received Kim along with the central bank’s senior staff at the central bank offices. The Central Bank of the UAE and the Bank of Korea signed a Memorandum of Understanding on June 3, 2013, in Seoul, aimed at co-operation, exchange of information and expertise/training.
On the margins of the meeting, the governor of the Bank of Korea accompanied by the governor of the central bank visited the central bank’s Museum which includes part of the central bank’s collection of currency notes, currency coins, commutative coins, gifts, samples of issued UAE currency notes/coins and currencies of other countries, in addition to cash counting and sorting machines that were used by the Central Bank in the past.
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