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Sheikh Khalifa issues decree to restructure board of directors of UAE Central Bank

Sheikh Khalifa issues decree to restructure board of directors of UAE Central Bank

The restructure follows the appointment of Abdulhamid Saeed as governor in April

The President of the UAE, Sheikh Khalifa bin Zayed Al Nahyan, has issued a federal decree to restructure the UAE Central Bank’s board of directors, to be chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The board of directors will now have the following members: Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Humaid Al Tayer, and Dr. Ali Mohammed Bakheet Al Rumaithi, in addition to Abdulrahman Saleh Al Saleh as vice chairman and Abdulhamid Mohammed Saeed as governor, official news agency WAM reported.

In April, Abdulhamid Saeed was appointed as the governor of the UAE Central Bank.

Read: UAE Central Bank appoints new governor; extends debt relief measures to December 31

In the aftermath of the Covid-19 pandemic, the Central Bank launched the Targeted Economic Support Scheme (TESS) liquidity facility, which was availed by 26 banks.

Read: UAE Central Bank’s TESS liquidity scheme availed by 26 banks

The Central Bank of the UAE promotes financial and monetary stability, efficiency and resilience in the financial system.

Its mandate includes preparing and implementing the monetary policy; exercising the privilege of currency issuance; organising licenced financial activities, establishing the foundations for carrying them out, setting up appropriate regulations and standards for protection of customers of licenced financial institutions; among others.

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