Local Business

Decree issued to restructure UAE central bank's board of directors

Wam/Abu Dhabi
Filed on July 16, 2020 | Last updated on July 16, 2020 at 02.26 pm
The UAE central bank promotes financial and monetary stability, efficiency and resilience in the financial system.

(File photo)

Sheikh Mansour bin Zayed Al Nahyan named chairman; Abdulrahman Saleh Al Saleh to serve as vice-chairman

The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a Federal Decree restructuring the board of directors of the Central Bank of the UAE, under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Pursuant to the Decree, the central bank's board of directors shall be reconstituted by the following members: Abdulrahman Saleh Al Saleh as vice-chairman; Abdulhamid Mohammed Saeed as governor; and Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Humaid Al Tayer and Dr Ali Mohammed Bakheet Al Rumaithi as members.

Established under the Federal Law No.10 of 1980 as a public institution, the central bank promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.

The apex bank's official mandate includes the following: Preparing and implementing monetary policy in line with the national agenda; exercising the privilege of currency issuance; organising licenced financial activities, establishing the foundations for carrying them out and determining the standards required for developing and promoting prudential practices; setting up appropriate regulations and standards for protection of customers of licenced financial institutions; monitoring the credit condition in the state in order to contribute to the achievement of balanced growth in the national economy; managing foreign reserves to maintain, at all times, sufficient foreign currency assets to cover the monetary base; and regulating, developing, overseeing and maintaining soundness of the financial infrastructure systems in the state, including electronic payment systems, digital currency, and stored value facilities.

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