Central Bank of the United Arab Emirates
Headquarters building in Abu Dhabi
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| Headquarters | Bainunah Street, Al Bateen Area, PO Box 854, Abu Dhabi, United Arab Emirates |
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| Established | 11 December 1980 |
| Central bank of |
 United Arab Emirates
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| Currency |
United Arab Emirates dirham AED (ISO 4217) |
| Website | http://www.centralbank.ae |
The Central Bank of the United Arab Emirates (Arabic: مصرف الإمارات العربية المتحدة المركزي) is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates (UAE).
It was established on 19 May 1973 as the United Arab Emirates Currency Board. This followed the creation of the UAE as an independent state in 1971. The original purpose of the UAE Currency Board was to issue an independent currency for the new state to replace the existing currencies in use: the Qatari riyal and the Bahraini Dinar. The new UAE dirham entered circulation on the same day the Currency Board was established.
At this time, the Currency Board of the UAE did not have full central bank powers. It was mandated to manage the currency and the country's gold and foreign exchange reserves, but did not have regulatory authority and was not empowered to manage the UAE's monetary policy. On 10 December 1980, Union Law No. (10) was passed, which established the new Central Bank of the UAE, replacing the former Currency Board.
The Central Bank of the UAE has powers to issue and manage the currency; to ensure the stability of the currency; to manage the UAE's credit policy; to develop and oversee the banking system in the UAE; to act as the Government's banker; to provide monetary and financial support to the Government; to manage the UAE's gold and currency reserves; to act as the lender of last resort to banks operating in the UAE; and to represent the UAE in international institutions such as the International Monetary Fund, the World Bank and the Arab Monetary Fund.
The Bank is overseen by a Board of Directors, comprising seven members. The composition of the Board is defined by the UAE Union Law No 10 (1980) which provides for a Chairman, Vice Chairman and the Governor (all of whom have the rank of Minister) and four other members. Each member is appointed by a Union Decree after approval by the UAE Council of Ministers, and serves for four years. Members of the Board are prohibited from serving on the board of any commercial bank operating in the UAE, nor may they be serving members of the UAE Federal National Council or be Ministers of Cabinet status.
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