gulfnews : Growing in good and bad times

One of the first challenges the UAE faced after the union was declared, was to create a viable financial system that supported the economic ambitions of the young nation.

It involved the creation of an independent monetary authority and a financial regulator. The process began with the creation of the UAE Currency Board on May 19, 1973, through Union Law No (2) of 1973.

The Currency Board's first task was to issue a unified national currency to replace other currencies that were in circulation during the period immediately following the establishment of the federation in 1971.

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