The Central Bank of the UAE is Central Bank of United Arab Emirates. It is formally commenced its functions on 11 December 1980 in pursuance of the provision of Union Law No. (10) of 1980, which superseded Union Law (2) of 1973, establishing the former Currency Board in the United Arab Emirates. Its main objective & functions are: • Exercise the privilege of currency issue. • Endeavor to support the currency, maintain its stability internally and externally and ensure its free convertibility into foreign currencies. • Direct credit policy in such ways as to help achieve balanced growth of the national economy. • Organize and promote banking and supervise over the effectiveness of the banking system. • Undertake the function of the bank of the government within the limits prescribed in the law. • Advise the government on financial and monetary issues. • Maintain the government's reserves of gold and foreign currencies. • Act as the bank for banks operating in the country. • Act as the State's financial agent at the IMF, the IBRD, and other International and Arab Funds and Institutions and carry out dealings of the State with such concerns.