His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE), issued a decree on the Central Bank and the regulation of financial establishments and activities. The provisions of this law do not apply to the financial free zones in the country and the financial institutions subject to the regulatory authorities in those areas.
In this regard, Deputy Ruler of Dubai and Minister of Finance Sheikh Hamdan bin Rashid Al Maktoum, pointed out that "the wise leadership of the State to develop the legislative and legal structure of the State, in view of their important role in supporting the business sector and the local economy, where this law will strengthen the performance of monetary policies and cash stability in the state, and contributes to the establishment of better control frameworks for the credit situation in the state, so as to achieve balanced growth of the national economy, where the law promotes control frameworks and disclosure procedures, compliance and governance in the operations of the Central Bank, It will also raise the country's monetary performance and enhance confidence in the national economy.
He also revealed that the new law raised the capital of the Central Bank to 20 billion dirhams, and allowed the formation of a general reserve up to four times the paid up capital.
Source: (Al Khaleej newspaper, Edited)
