UPDATE 1-UAE issues new law governing central bank, financial institutions | Reuters:
The United Arab Emirates has issued a new law governing the central bank and the regulation of financial institutions and activities in an effort to bolster monetary performance and confidence in the economy.
The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, the UAE said in a statement.
As well as ensuring prudent management of foreign reserves, the new rules are designed to protect stability of the financial system and help stability of the currency.
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