DUBAI // Officials at the Central Bank say they are unhappy at the slow progress some banks are making in converting their ATMs to accept the new Dh500 note nine months after it was introduced.
Rashed Al Fandi, the executive director of the banking operations and payment systems department at the Central Bank, said he was frustrated that some customers were still unable to deposit the new note at ATMs.
The new Dh500 note was introduced last September to help combat counterfeiting.
Mr Al Fandi said some banks had successfully updated their ATMs while others were lagging behind. "We have spoken with banks asking them to reprogram their machines, but unfortunately some have said they are still having technical difficulties.
"That is an issue between the bank and whoever supplies their machines. We would not get involved in a commercial issue like that.
"I appreciate that many customers have been left uncomfortable with the current state of things. We are unhappy at the slow progress being made on the issue."
Tom Smith, the head of retail banking at United Arab Bank, said that so far two of its ATMs have been programmed to accept the new note.
"The roll-out to the rest of the ATMs will happen at the end of the month. The onus is on all the banks to make sure they do it now," he said. "There is no reason why ATMs shouldn't be able to accept the note. If not now, they will very close in the future."
Al Hilal Bank and Emirates NBD said that all of their ATMs have been converted.
A spokesman for HSBC said the bank completed the upgrade on its machines in March.
Mr Al Fandi said it was important that the new note is in circulation as it has a host of security features to make it more difficult to counterfeit.
A retail banking expert who did not wish to be named said the burden lay with the banks. "For whatever reason there have been some technical issues related to switching the ATMs over so that they are able to accept these notes.
"As a consumer, I would say it's up to the banks to invest in the technology to do this."
He said getting the technology right so that it can differentiate between genuine and counterfeit notes could be the problem.
nhanif@thenational.ae
molson@thenational.ae
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
SPECS
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UAE currency: the story behind the money in your pockets
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
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Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)