|
|
|
 |
|
|
Home
»
Central Banks
Worldwide
»
Central Bank of the United Arab
Emirates |
|
Central Bank of the United Arab Emirates
|
|
|
|
 |
The Central Bank of the
United Arab Emirates (Arabic: مصرف الإمارات العربية المتحدة المركز) is the
central bank of the United Arab Emirates. The main responsibility of the
Central Bank is formulation and implementation of banking, credit and
monetary policies, to ensure the growth of the national economy of the UAE
in a balanced manner. |
|
|
|
|
|
The Central Bank is also
working to maintain a fixed exchange rate of the dirham against the U.S.
dollar and to ensure the free convertibility of the national currency into
foreign currencies, in addition to its role as 'Bank of Banks' and the
Government's bank and its financial adviser.
The Central Bank formally commenced its functions on 11 December 1980 in
pursuance of the provision of Union Law No. (10) of 1980, which superseded
Union Law (2) of 1973, establishing the former Currency Board in the United
Arab Emirates. In defining the Central Bank's objectives, Article 5 of Union
Law No. (10) of 1980 states that the Central Bank: |
|
'Shall direct monetary, credit and banking policy and supervise over its
implementation in accordance with the State's general policy and in such
ways as to help support the national economy and stability of the currency.'
For the attainment of these objectives, the said law empowers the Central
Bank to:
• Exercise the privilege of
currency issue;
• Endeavor to support the currency,
maintain its stability internally and externally and ensure its free
convertibility into foreign currencies;
• Direct credit policy in such ways
as to help achieve balanced growth of the national economy;
• Organize and promote banking and
supervise over the effectiveness of the banking system;
• Undertake the function of the
bank of the government within the limits prescribed in the law;
• Advise the government on
financial and monetary issues;
• Maintain the government's
reserves of gold and foreign currencies;
• Act as the bank for banks
operating in the country; and
• Act as the State's financial
agent at the International Monetary Fund, the International Bank for
Reconstruction and Development, and other International and Arab Funds and
Institutions and carry out dealings of the State with such concerns.
In achieving the objectives as mentioned above, the Central Bank commits itself to
providing effective support functions through a sound banking and financial
control system, appropriate information system and the development of
competent and qualified staff. |
|
 |
|
Central Bank of the United Arab Emirates |
|
HQ
Address: |
Al Bainunah Street
Al Bateen Area
P.O. Box 854
Abu Dhabi
United Arab Emirates |
|
Tel: |
+971 2 665 2220 |
|
Fax: |
+971 2 665 2504 |
|
Website: |
www.centralbank.ae |
|
Email: |
comments@cbuae.gov.ae |
|
Currency: |
United Arab Emirates dirham |
|
Banking Hours: Sat - Thurs 8.00am - 3:00pm |
|
|
|
|
The Central Bank is entrusted with the task of
organizing banks in upgrading their management and to ensure their financial
soundness. Circulars and regulations are being issued from time to time by
the Central Bank to achieve this objective. The Central Bank is also
continuously studying various ways and means to make the UAE a noted
regional financial center.
|
|
|
|
|
|
|
|
|
|
DISCLAIMER
The content comes from Internet, reasonable efforts are made to maintain accuracy of information published.
However, information could contain errors or inaccuracies and is presented
without warranty and statutory means.
No liability is assumed for errors or omissions. Viewers are advised to
consult their banker or financial consultant for complete information and
their professional advise.
All trademarks, logos, brand names and copyrights are the property of their
respective owners. |
|
|
© 2011 - 2022 BankHeadOffice.com ® All
Rights Reserved |
|