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Mon 22 Sep 2014 04:06 PM

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UAE President names new central bank governor

Mubarak Rashid Khamis Al Mansouri is hired for top job as part of decree to restructure board

UAE President names new central bank governor

The UAE said on Monday that Mubarak Rashid Khamis Al Mansouri has been appointed as the new governor of the country's central bank, replacing Sultan Nasser Al Suweidi.

The move was announced as part of a federal decree issued by UAE President Sheikh Khalifa bin Zayed Al Nahyan to restructure the board of directors of the Central Bank of the UAE. Mansouri is the chief executive of Emirates Investment Authority, a federal investment fund.

According to the decree, Khalifa Mohammed Al Kindi will be chairman, Khalid Juma Al Majid, vice chairman, and Younis Haji Al Khoori, Khalid Ahmed Al Tayer, Khalid Mohammed Salem Balama and Hamad Mubarak Bu Amim will be board members. All will serve a four-year term, official news agency WAM reported.

Mansouri, who served as a central bank board member in the past, also sits on the board of the stock market regulator, the Securities and Commodities Authority, as well as telecom operator Etisalat, Abu Dhabi Securities Exchange and some other Abu Dhabi entities.

The UAE's monetary policy is closely linked to that of the US Federal Reserve due to a long-standing dirham currency peg to the dollar.

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