The Central Bank signs the global charter for foreign exchange practices

The United Arab Emirates Central Bank signed a statement of commitment to the global charter for sound professional practices in the foreign exchange market, as the first central bank in the Arab world to join the group of central banks and financial institutions in the world, which works to enhance integrity and best practices in the foreign exchange market.

The signing of the commitment statement comes within the framework of the central bank’s keenness to support the principles of the global charter for foreign exchange practices, which defines the rules of proper practice in the wholesale market for foreign exchange, and shows the extension systems necessary to upgrade the foreign exchange market by enhancing the concepts of integrity, transparency and justice, and spreading the appropriate professional standards and practices among market employees, which contributes to consolidating The stability and safety of the global financial system.

The Governor of the Central Bank, Khaled Mohamed, said that the Central Bank of the Global Charter for Foreign Drainage, confirms its firm commitment to enhancing the safety and efficiency of the performance of the foreign exchange market in the UAE, and encouraging the proper professional practices and rules for its dealers.

He expressed his pride that the Emirates Central Bank will be the first central bank in the Arab world to adopt this global charter, looking forward to cooperation with international regulatory authorities and market employees to ensure a transparent and organized environment in accordance with the best practices and professional efficiency.

The joining of the Global Foreign Drainage Charter enhances the broader goals pursued by the Emirates Central Bank in maintaining effective performance and safety of financial markets in the UAE, while providing a role model at the region level.

The Emirates Bank will continue to focus on protecting financial stability in the country, and working closely with its regional and international partners to enhance to maintain the highest standards in the foreign exchange market.
The UAE Bank calls on the licensed financial institutions operating in the country to review its practices within the requirements of the Global Charter for Foreign Drainage, and to ensure that it maintains appropriate systems to monitor its commitment to this charter, in addition to issuing a statement of commitment to the Global Charter for Foreign Drainage.