Year of Fifty: UAE to issue new currency notes

Dubai - The new currency includes the latest security marks in paper currency, meeting the international standards.

The UAE has approved the third and new issuance of currency notes in line with the country's preparations to mark the "Year of Fifty".

The new currency includes the latest security marks in paper currency, meeting the international standards.

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This was announced in a meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Chairman of the UAE Central Bank, on Wednesday at Qasr Al Watan.

In addition, Khalid Muhammad Salem Balam Tamimi was named as Governor of the Central Bank, replacing Abdul Hamid Muhammad Saeed Al Ahmadi, who has decided to retire, Wam said in a statement on Wednesday.

Tamimi has more than 30 years of experience in the field of banking, financial services, asset management and investments. He held the position of Deputy Governor of the Central Bank before assuming his new position.

The meeting was attended by Abdul Rahman Saleh Al Saleh, Vice Chairman of the Board of Directors, the Governor of the Central Bank and all members of the Board.

It also approved the requests to establish national banks and institutions in the country.

The attendees were also briefed on the report of the comprehensive economic support plan and its role in alleviating the financial and economic pressures resulting from the "Covid-19" pandemic.

The Central Bank also extended zero-cost facility of Dh50 billion or individuals and companies affected by the repercussions of the pandemic until the end of 2021.

waheedabbas@khaleejtimes.com