The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
December 10 marks the 40th anniversary of the Central Bank of UAE’s (CBUAE) establishment, replacing the UAE Currency Board, as per the Union Law No (10) of 1980.
The UAE’s economic and financial journey spans more than 47 years, starting in 1973 when the UAE Currency Board was established and mandated with issuing the UAE dirham, the UAE’s national currency.
The UAE Currency Board supported the country’s economy from its inception to December 10, 1980, which marks the establishment of a new national economic institution that replaced the previous authority, the Central Bank of the United Arab Emirates.
Following its establishment as a public institution, CBUAE’s mandate was expanded to encompass the oversight of the UAE’s banking, financial, and currency system.
Since its establishment, the Central Bank of the UAE has continuously played a vital role in developing and supporting the national economy and maintaining the stability of the UAE’s banking and financial
sector. In an effort to further develop and enhance its performance, the Decretal Federal Law No (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities was enacted, which marks a significant transformation in the organisation of financial and banking activities.