Central Bank of United Arab Emirates
| Headquarters | Abu Dhabi , United Arab Emirates |
| founding | 1980 |
| country | United Arab Emirates |
| currency | |
| ISO 4217 | AED |
| Currency reserves | US $ 100.1 billion (September 2019) |
| Website | |
| List of central banks | |
The Central Bank of United Arab Emirates ( Arabic مصرف الإمارات العربية المتحدة المركزي, DMG Maifrif al-Imārāt al-ʿarabiyya al-muttaḥida al-markazī ) is the state authority responsible for the administration of currency, monetary policy and banking regulation in the United Arab Emirates (UAE). Its headquarters are in Abu Dhabi .
history
The current institution was established on May 19, 1973 as the United Arab Emirates Currency Board . This followed the establishment of the United Arab Emirates as an independent state in 1971. The original purpose of the United Arab Emirates Currency Board was to issue an independent currency for the new state to replace the currencies currently in use: the Qatari riyal and the Bahraini dinar . The new UAE dirham was put into circulation the same day the currency board was set up.
At this point in time, the UAE Currency Board did not have full central bank powers. It was tasked with administering the country's currency and gold and foreign exchange reserves, but had no regulatory authority and was not empowered to determine the country's monetary policy. On December 10, 1980, Union Law No. (10) was passed, establishing the new Central Bank of United Arab Emirates in place of the former Currency Board.
The Central Bank of United Arab Emirates is empowered to: issue and administer the UAE dirham; ensure the stability of the currency; administer the UAE's credit policy; develop and oversee the banking system in the UAE; to act as the government banker; provide financial and financial assistance to the government; manage the UAE's gold and currency reserves; act as lender to banks in the United Arab Emirates; represent the UAE in international institutions such as the International Monetary Fund , the World Bank and the Arab Monetary Fund .
structure
The bank is overseen by a board of directors with seven members. The composition of the Board of Directors is determined by UAE Union Law No. 10 (1980), which provides for a chairman, a vice-chairman and the governor (all with the rank of minister) and four other members. Each member is appointed by a Union decision after approval by the UAE Council of Ministers and is in office for four years. Board members are prohibited from serving on the board of a commercial bank operating in the United Arab Emirates. They are also not allowed to be members of the National Council of the United Arab Emirates or a cabinet minister.
Individual evidence
- ↑ United Arab Emirates Foreign Exchange Reserves . ceic.com. Accessed November 24, 2019
- ↑ About Us | CB UAE. Retrieved December 22, 2019 .