UAE issues new law on Central Bank and financial institutions (USD = AED 3.6729)
2018-10-28
The United Arab Emirates (UAE) said in a statement on Sunday it had issued a new law on the central bank and the organization of financial institutions and activities.
The new law raises the central bank's capital to 20 billion dirhams ($ 5.45 billion) and allows for a general reserve of up to four times the paid-up capital, it said.
The decree was issued after a decree by UAE President Sheikh Khalifa bin Zayed Al Nahyan.