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Emirates Energy Award

Objectives

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formally commenced its functions on 11 December 1980 in pursuance of the provision of Union Law No. (10) of 1980, which superseded Union Law (2) of 1973, establishing the former Currency Board in the United Arab Emirates.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.

        

Last Updated on 19, January 2017