About Central Bank of the UAE (CB)
The CB was established pursuant to Union Law No. (10) of 1980 as the government body responsible for monetary, credit and banking policy in the UAE.
The CB has regulatory oversight of all UAE-based commercial and retail banking, financial intermediation, credit, foreign exchange/remittance and digital payment activities including in respect of authorisation, supervision and enforcement.
The CB has historically had oversight of the sale of foreign securities into the UAE and is still considered to have some oversight over structured products and private placement capital raising activities. However it is commonly understood that the SCA now has primary responsibility for the marketing and sale of financial products in and into the UAE.
The Central Bank of the UAE aims to achieve the following objectives:
- Maintain stability of the national currency within the framework of the monetary system.
- Promotion and protection of the stability of the financial system in the state.
- Ensure prudent management of the Central Bank’s foreign reserves.
Whilst the Central Bank is largely responsible for regulating commercial banks, both local and international, they also regulate several wealth managers, such as Nedbank Private Wealth.