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UAE to restructure banking norms

The United Arab Emirates is planning changes to be brought in the country’s banking law. According to the UAE central bank governor, the amendments would give a role to the country’s central bank in determining monetary policy. Presently, most decisions are made by the government with an endorsement from the President. The changes are expected to give the UAE central bank a greater degree of independence but core strategic decisions would likely to remain in the hands of the government. The central bank currently governs commercial banks and money supply, with other agencies also playing roles in maintaining the health of financial markets in the country. Earlier, international bodies such as the IMF have recommended independence for the central bank.

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