The Central Bank of the UAE signed a statement on the Global Code of Practice for Foreign Exchange
The Central Bank of the UAE signed a statement of commitment to the Global Code of Good Practices for 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 work to enhance integrity and best practices in the foreign exchange market.
The signing of the statement of commitment comes within the framework of the Central Bank's keenness to support the principles of the Global Code of Good Practices for Foreign Exchange Market, which defines the rules of good practice in the wholesale foreign exchange market, and shows the necessary guiding systems to advance the foreign exchange market by enhancing the concepts of integrity, transparency and justice, and disseminating appropriate professional standards and practices among market dealers, which contributes to consolidating the stability and safety of the global financial system.
Khaled Mohammed Balama, Governor of the Central Bank of the UAE, said that the Central Bank's adoption of the Global Code of Good Practices for Foreign Exchange Market confirms its firm commitment to enhancing the safety and efficiency of the foreign exchange market in the UAE, and encouraging sound professional practices and rules for dealers in it.
He expressed his pride that the Central Bank of the UAE is the first central bank in the Arab world to adopt this global charter, looking forward to cooperating with international regulatory authorities and market participants to ensure a transparent and regulated environment in accordance with best practices and professional efficiency.
Joining the Global Foreign Exchange Charter enhances the broader objectives pursued by the Central Bank of the UAE in maintaining the effective performance and integrity of the financial markets in the UAE, while providing a model to be emulated at the regional level, according to the Emirates News Agency.
The Central Bank of the UAE will continue to focus on protecting financial stability in the country, and work closely with its regional and international partners to enhance and maintain the highest standards in the foreign exchange market.
The Central Bank of the UAE calls on licensed financial institutions operating in the country to review their practices within the requirements of the Global Foreign Exchange Charter, and ensure that appropriate systems are maintained to monitor their compliance with this charter, in addition to issuing a statement of commitment to the Global Foreign Exchange Charter.
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