UAE’s new law to have significant impact on Financial Sector
The UAE President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, has issued ‘Decretal Federal Law No. (14) of 2018 Regarding the Central Bank of UAE and Organisation of Financial Institutions and Activities’ (the “Law”) on 28 October 2018, aimed at bolstering monetary performance and boosting confidence in the economy.
The Law, which will update three decades old legislations, supersedes Federal Law No. 10 of 1980 Regarding the Central Bank, The Monetary System and Organisation of Banking, along with Federal Law No. 6 of 1985, Regarding Islamic Banks, Financial Institutions and Investment companies.
The Law sets three major objectives for the Central Bank:
- Maintain stability of the national currency within the monetary system
- Contribute to the promotion and protection of the stability of the financial system in the UAE
- Ensure prudent management of the Central Bank’s foreign reserves
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