October 28, 2018 / 11:01 AM / 21 days ago

UAE issues new law governing central bank, financial institutions

DUBAI, Oct 28 (Reuters) - The United Arab Emirates has issued a new law governing the central bank and the organisation of financial institutions and activities, it said in a statement on Sunday.

The new law raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, it said.

The law was issued after a decree by Sheikh Khalifa bin Zayed al-Nahyan, the president of the UAE. (1 = 3.6729 UAE dirham) (Reporting By Tom Arnold and Stanley Carvalho; Editing by Saeed Azhar)

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