UAE Central Bank commits to FX Global Code, championing transparency in foreign exchange

DUBAI: The Central Bank of the UAE (CBUAE) has proudly signed a Statement of Commitment to the FX Global Code, marking its position as the first central bank in the Arab world to adopt this internationally recognised framework.

By joining a distinguished network of central banks and financial institutions globally, the CBUAE underscores its dedication to integrity, transparency, and best practices within the foreign exchange market.

The FX Global Code provides a comprehensive set of ethical and professional guidelines for participants in the wholesale foreign exchange market, aiming to foster fairness, stability, and sound market practices.

The CBUAE’s adoption of these principles demonstrates its commitment to enhancing the efficiency and integrity of the UAE’s financial sector.

Dubai eases on profit-taking, Abu Dhabi marginally down

Khaled Mohamed Balama, Governor of the CBUAE, emphasized the significance of this step, stating: “Our adoption of the FX Global Code reaffirms our commitment to strengthening the UAE’s foreign exchange market, promoting ethical standards, and ensuring a well-regulated environment. As the first central bank in the Arab world to take this step, we look forward to working alongside international regulators and market participants to uphold transparency and professionalism.”

This significant milestone aligns with the CBUAE’s overarching objective of maintaining a stable and efficient financial market, thereby setting a benchmark for the region.

The central bank is steadfast in its commitment to collaborating with both regional and global partners to uphold financial stability and market integrity.

Moreover, the CBUAE is encouraging licensed financial institutions throughout the UAE to align their operations with the FX Global Code.

By implementing robust control systems to ensure compliance, these institutions will play a crucial role in further solidifying the UAE’s reputation as a trusted financial hub.