The Central Bank of the United Arab Emirates commenced operations on 11 December 1980 on the basis of the provisions of the Union Law No. (10) of 1980.
Article 5 of the Union Law No. (10) of 1980 confers the following objective upon the central bank:
“The 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 the stability of the currency.”
In the pursuance of the above-mentioned objective the bank undertakes following activities:
- Exercise the privilege of currency issue
- Support the value of the currency and maintain its external and internal stability and ensure the currency’s free convertibility into foreign currencies
- Direct the credit policy of the company in such a way that it ensures the balanced growth of the national economy
- Organize and supervise the activities of the banking system in the country
- Act as a banker for and on behalf of the government
- Act as an advisor to the government on financial, economic, and monetary issues
- Act as a custodian and manage the government’s gold and foreign exchange reserves
- Act as a banker to the commercial banks in the country
- Act as the financial agent of the state at the International Monetary Fund, the International Bank for Reconstruction and Development, and other International and Arab Funds and Institutions and execute dealings of the country with such concerns.
The administration of the bank is in the hands of a Board of Directors. The Board consists of a Chairman, a Vice Chairman, a Governor, a Deputy Governor, and four other members.
The Address and Contact details of the bank is as follows:
Central Bank of United Arab Emirates
Address: P. O. Box 854 Abu Dhabi UNITED ARAB EMIRATES Phone No.: ++971-2-65 22 20 Fax: ++971-2-66 84 83