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Central Bank United Arab Emirates was established under the UAE Currency Board. This Central Bank United Arab Emirates was established to issue a national currency that can replace the other currencies in circulation since the establishment of the United Arab Emirates. The Central Bank of United Arab Emirates replaced the Bahraini Dinar, Qatari Riyal and Dubai Riyal with the UAE Dirham.
The Central Bank in United Arab Emirates now has five branches all over UAE. The banking system is divided in seven departments, two units and seven divisions and the Risk Bureau. The branches of this bank are in Sharjah, Ras Al Khaimah, Al Ain, Fujairah and Dubai. These branches provide inter-bank dealings and Central Bank dealings. The branches are divided in three individual sections like Banking Operations, Administrative Affairs and Accounts. The seven departments of the Central Bank United Arab Emirates are Banking Operations, Research and Statistics, Administrative Affairs, Treasury, Financial Control, Internal Audit and Banking Supervision and Examination.
Objectives of Central Bank United Arab Emirates
The objective of Central Bank United Arab Emirates is declared in the Article 5 of Union Law No. (10) Of 1980. According to that, the bank will direct money, banking policy and credit and also supervise its implementation as mentioned in the State’s general policy in order to help the national economy and to stabilize the value of currency.
Thus the Central Bank United Arab Emirates is consistently working for the financial development of the country.
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