UAE Central Bank's board reshuffled

Dubai - Pursuant to the decree, the board of directors of the Central Bank of the UAE shall be reconstituted for a period of 4 years.

The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has ordered a reshuffle of the Central Bank of the UAE's board of directors, the state news agency said on Sunday.
Central bank governor Mubarak Rashed Khamis Al Mansoori has been reappointed for the next four years, according to Wam. The agency said Sheikh Khalifa has issued a federal decree restructuring the board of directors of the central bank.
Hareb Masoud Hamad Al Darmaki was named chairman while Abdulrahman Saleh Al Saleh will hold the position of vice-chairman. Other members include Mubarak Rashed Khamis Al Mansoori, Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmed Altayer and Ali Mohammed Bakheet Al Rumaithi.
The board of directors of the central bank shall be reconstituted for a period of four years.
Invest Bank support
Meanwhile, the central bank said it is closely monitoring Invest Bank's financial developments for some time and has been working with the bank and the government of Sharjah to develop a plan to strengthen its capital base.
In this regard, the government of Sharjah is firmly committed to support the bank via a direct equity investment and this plan will be presented at the bank's AGM on December 29 for approval.
In the meantime, the central bank will support Invest Bank with all the available liquidity facilities, which remain at Invest Bank's disposal, if and when needed.
- business@khaleejtimes.com

• UAE