UAE central bank appoints new governor

Islamic_dealThe former chief executive of First Abu Dhabi Bank (FADB) has been appointed as the new head of the Central Bank of the UAE. Abdulhamid Saeed takes over from former governor, Mubarak Rashed Khamis Al Mansoori, who held the position since September 2014. The new governor will be expected to continue the central bank’s monetary and financial stability policies and to ensure “prudent reserve management” while “building and protecting a robust financial infrastructure in line with international best practices”. Saeed takes over the central bank at a critical time for central banks around the world as they all attempt to deal with the economic effects of a global pandemic. In March, the UAE government approved an emergency financing package and some other steps have been taken. “I sincerely thank the leadership of the UAE, on appointing me in the position of governor of the Central Bank of the UAE,” said the new appointee. “It is an honour to perform this national duty, to lead a critical institution that promotes monetary and financial stability and lays the foundation for sustainable economic growth.” © 2020 funds global mena

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