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The Central Bank formally commenced its functions on 11 December 1980 in pursuance of the provision of Union Law No. (10) of 1980, which superseded Union Law (2) of 1973, establishing the former Currency Board in the United Arab Emirates. In defining the Central Bank's objectives, Article 5 of Union Law No. (10) of 1980 states that the Central Bank: Shall direct monetary, credit and banking policy and supervise over its implementation in accordance with the State's general policy and in such ways as to help support the national economy and stability of the currency.
Chairman: H. E. Sultan Bin Nasser Al Suwaidi