10th Anniversary of U.A.E. Central Bank

United Arab Emirates2 December 1990Draft

On August 1980, His Highness, The President, Sheikh Zayed Bin Sultan AI Nahyan, issued the Federal Law No. (10) for 1980 under which the U.A.E. Central Bank was established. The bank commenced performance as from 2nd December 1980. This new stage in the fields of currency system and banking activities started in the United Arab Emirates, which showed the important role of the currency authority related to supervision and organisation in founding the banking and currency system through organising the currency, facilities and banking policy, the supervision such organisation according to the general policy of the country in a way to serve and support the national economy and its currency stability. The Central Bank was keen to provide its services to the commercial banks and the financial establishments through its different branches in the country. Also the commercial banks sector achieved rapid growth and development since the establishment of the Central Bank. As a result of the Central Bank efforts, the banking sector in the country achieved noticeable growth. The total assets and dues of the Central Bank increased from 9.8 Billion Dhs at the end of December 1980 to 16.7 Billion Dhs at the end of December 1989. Size: 30 x 40 mm in sheets of 50 stamps.