U.A.E. Central Bank Seeks Amendments to Draft Financial Laws

The board of directors of the United Arab Emirates’ central bank called for “major amendments” to be made to draft financial laws in the Gulf country, according to an e-mailed statement from the lender.

The laws “should reflect the independence of the central bank,” the bank said today, without providing details of any suggested amendments.

One of the draft laws is Law No-10 of 1980 for the central bank, the monetary system and organization of banking, while another pertains to the organization of financial services, according to the statement.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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