{"id":3680,"date":"2018-08-30T12:58:52","date_gmt":"2018-08-30T12:58:52","guid":{"rendered":"http:\/\/139.59.38.172:8081\/?p=3680"},"modified":"2019-02-09T10:40:35","modified_gmt":"2019-02-09T10:40:35","slug":"the-central-bank-of-uae-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/","title":{"rendered":"The Central bank of UAE &#8211; What you need to know"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The central bank is the \u201cbank of banks\u201d in the UAE. It was established in 1973 and was known as the United Arab Emirates Currency board. It supervises other banks as well as the monetary of the country. In 1980, it was renamed to Central bank of UAE along with the introduction of the Emirates currency Dirham. &nbsp;<\/span><\/p>\n<p><strong>Check:<\/strong>&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/top-10-banks-in-uae\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top 10 banks in UAE<\/a><\/p>\n<p><span style=\"font-weight: 400;\">The head office of this bank is located in Abu Dhabi with 5 associate branches in Dubai, Sharjah, Fujairah, Al Ain, and Ras Al Khaimah regions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The work of the central bank is divided into seven departments <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Banking Supervision and Examination<\/strong> &#8211; It looks after each and every bank in the UAE right from providing banking license to the monetary consent. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Banking Operations<\/strong> &#8211; This involves the printing of currency and managing cheques and electronic payments systems in the UAE. &nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Research and Statistics<\/strong> &#8211; They generate the annual report along with the statistical and economic bulletins. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Administrative Affairs<\/strong> &#8211; They look after the administration of the bank like building maintenance, library, security guards, etc. &nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Financial Control<\/strong> &#8211; They have 3 sub-departments 1. Accounts 2. Treasury 3. Management information. Here they manage other banks information along with the treasure. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Treasury<\/strong> &#8211; In this department, they manage the money flow and day-to-day operations of the central bank.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Internal Audit<\/strong> &#8211; They overlook the funds transferred from the central bank, takes care of the security during electronic payments and reviews the expenses made at other government offices. <\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">How the central bank of UAE manages monetary <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Monetary management helps in the economical growth of the country. The Central bank of UAE provides funds to the government and assist them financially. The UAE currency dirham is printed by the central bank. It determines the quantity of currency required to be printed, which is definitely not an easy task as it has to take demand of currency into consideration to decide the quantity. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How the central bank decides EIBOR rates<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This bank decides the interest rates on a <a href=\"https:\/\/www.mymoneysouq.com\/loans\/compare-home-loans-uae\" target=\"_blank\" rel=\"noopener noreferrer\">mortgage loan in UAE<\/a>. Even though the central bank doesn\u2019t fix the EIBOR rate, it will have a panel with 10 reputed banks of UAE. Each bank provides a value on which the central bank picks an average value and sets as an interest rate on the home loan. Whereas the interest rates on other loans like personal loans, car loans, etc., are decided by the respective itself.&nbsp;<\/span><\/p>\n<p><strong>Related:<\/strong>&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/eibor-libor-determines-interest-rates-uae\/\" target=\"_blank\" rel=\"noopener noreferrer\">EIBOR, LIBOR \u2013 What determines interest rates in UAE?<\/a><\/p>\n<h3><span style=\"font-weight: 400;\">Foreign currency fluctuations <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To make foreign currency transactions easy the central bank of UAE pegged AED to USD in 1998. Since then 1 AED = $3.67. This makes the inward and outward remittances easy for the people who are converting from AED to USD or vice versa. It also gives financial stability to a region that is rich in oil trading. Whereas, on other foreign currencies, dirham rate fluctuates on daily basis. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The central bank of the UAE helps in making UAE an economically strongest country. It ensures that UAE residents avail the best banking services. It runs a <span style=\"font-weight: 400;\"><a href=\"https:\/\/www.centralbank.ae\/en\/form\/complaints\" target=\"blanck\" rel=\"nofollow\" class=\"broken_link\">suggestion\/complaint<\/a>&nbsp;<\/span>page<span style=\"font-weight: 400;\">, where the consumers can drop their complaints or feedbacks on the central bank or any other banks in the&nbsp;UAE. <\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The central bank is the \u201cbank of banks\u201d in the UAE. It was established in 1973 and was known as the United Arab Emirates Currency board. It supervises other banks as well as the monetary of the country. In 1980, it was renamed to Central bank of UAE along with the introduction of the Emirates [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":3683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[],"class_list":{"0":"post-3680","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-general"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog<\/title>\n<meta name=\"description\" content=\"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog\" \/>\n<meta property=\"og:description\" content=\"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/\" \/>\n<meta property=\"og:site_name\" content=\"MyMoneySouq Financial Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-30T12:58:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-02-09T10:40:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nikhita\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nikhita\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/\",\"url\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/\",\"name\":\"The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png\",\"datePublished\":\"2018-08-30T12:58:52+00:00\",\"dateModified\":\"2019-02-09T10:40:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/c2879f8f560f09c872bde4665888fa2b\"},\"description\":\"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage\",\"url\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png\",\"contentUrl\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png\",\"width\":720,\"height\":451,\"caption\":\"central bank of uae\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Central bank of UAE &#8211; What you need to know\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/#website\",\"url\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/\",\"name\":\"MyMoneySouq Financial Blog\",\"description\":\"Helps you in making your personal finance decisions easier\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/c2879f8f560f09c872bde4665888fa2b\",\"name\":\"Nikhita\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/2019\/04\/495-min.jpg\",\"contentUrl\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/2019\/04\/495-min.jpg\",\"caption\":\"Nikhita\"},\"description\":\"Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.\",\"sameAs\":[\"https:\/\/www.mymoneysouq.com\"],\"url\":\"https:\/\/www.mymoneysouq.com\/financial-blog\/author\/nikhita\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog","description":"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/","og_locale":"en_US","og_type":"article","og_title":"The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog","og_description":"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....","og_url":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/","og_site_name":"MyMoneySouq Financial Blog","article_published_time":"2018-08-30T12:58:52+00:00","article_modified_time":"2019-02-09T10:40:35+00:00","og_image":[{"width":720,"height":451,"url":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png","type":"image\/png"}],"author":"Nikhita","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nikhita","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/","url":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/","name":"The Central bank of UAE - What you need to know - MyMoneySouq Financial Blog","isPartOf":{"@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage"},"image":{"@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage"},"thumbnailUrl":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png","datePublished":"2018-08-30T12:58:52+00:00","dateModified":"2019-02-09T10:40:35+00:00","author":{"@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/c2879f8f560f09c872bde4665888fa2b"},"description":"The central bank is the \u201cbank of banks\u201d in UAE. It was renamed to Central bank of UAE. The work of the central bank is divided into seven departments.....","breadcrumb":{"@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#primaryimage","url":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png","contentUrl":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/https:\/\/res.cloudinary.com\/pricejugaad\/image\/upload\/v1536300103\/Screen-Shot-2018-03-22-at-10.08.18-AM_swivv1.png","width":720,"height":451,"caption":"central bank of uae"},{"@type":"BreadcrumbList","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/the-central-bank-of-uae-what-you-need-to-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mymoneysouq.com\/financial-blog\/"},{"@type":"ListItem","position":2,"name":"The Central bank of UAE &#8211; What you need to know"}]},{"@type":"WebSite","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/#website","url":"https:\/\/www.mymoneysouq.com\/financial-blog\/","name":"MyMoneySouq Financial Blog","description":"Helps you in making your personal finance decisions easier","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mymoneysouq.com\/financial-blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/c2879f8f560f09c872bde4665888fa2b","name":"Nikhita","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mymoneysouq.com\/financial-blog\/#\/schema\/person\/image\/","url":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/2019\/04\/495-min.jpg","contentUrl":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-content\/uploads\/2019\/04\/495-min.jpg","caption":"Nikhita"},"description":"Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.","sameAs":["https:\/\/www.mymoneysouq.com"],"url":"https:\/\/www.mymoneysouq.com\/financial-blog\/author\/nikhita\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/posts\/3680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/comments?post=3680"}],"version-history":[{"count":5,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/posts\/3680\/revisions"}],"predecessor-version":[{"id":4818,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/posts\/3680\/revisions\/4818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/media\/3683"}],"wp:attachment":[{"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/media?parent=3680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/categories?post=3680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mymoneysouq.com\/financial-blog\/wp-json\/wp\/v2\/tags?post=3680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}