According to the Emirates News Agency, the recently unveiled dirham symbol, which has two horizontal lines that stand for financial stability, is modelled after the English letter ‘D’.

The UAE flag, which represents tenacity and pride in the country, is also referenced in the design. This emblem will promote the UAE’s currency in foreign markets by acting as a worldwide representation of the dirham.

The FX Global Code was adopted by the UAE concurrently with the symbol’s introduction, making the CBUAE the first Arab central bank to join this significant framework.

The UAE’s dedication to honesty and openness in financial transactions is further strengthened by this action, which is part of the FX Global Code, which is well known for encouraging ethical standards and best practices in the foreign exchange market.

As a key component of the Financial Infrastructure Transformation Programme, which was started in 2023, the CBUAE is promoting the issuance and circulation of the digital dirham in addition to the physical dirham symbol.

The digital dirham will have a circular design that incorporates the colours of the UAE flag, reinforcing the country’s modernity and sense of pride in the ever-changing financial landscape.

“We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet. The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime,” Khaled Mohamed Balama, governor of the CBUAE, who expressed his excitement for these revolutionary steps, said.

He also underlined how the digital dirham will spur innovation in the financial industry by making it possible to develop new digital goods and services, cut costs, and increase access to global markets.

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The two new payment regulations introduced by the CBUAE aim to promote robust financial infrastructure, which is essential for financial stability and consumer protection.

H.E. Abdulhamid M. Saeed Alahmadi, the Governor of the Central Bank of the UAE told the media, “Payment systems are the plumbing of the financial system – a critical part of any country’s financial infrastructure. The issuance of these two regulations is an important milestone to reach our objective of providing robust, efficient, and accessible financial infrastructure in the UAE, serving our financial institutions, corporations, and people, and supporting our competitive economy. The large value and retail payments systems regulations will help facilitate smooth, secure, and efficient conduct of transactions. The retail payments regulation will also provide a level playing field to advance innovation and competition, and financial inclusion”.

Last year, the CBUAE introduced a new overnight deposit facility starting from July 12 which reflects the monetary policy of the regulator. This facility introduced by the central bank allows conventional banks operating in the country to deposit their surplus liquidity at the central bank on an overnight basis.

In a statement, the central bank of UAE said, It will be “the prime facility for managing surplus liquidity in the UAE banking sector prior to the launch of the Monetary Bills Program and shall replace issuance of one-week Certificate of Deposits.”

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Abdulhamid M Saeed Alahmadi, Governor of CBUAE told the media, “The financial sector in the UAE is growing and expanding in terms of diverse products and services and technology, all of which are adding to the complexity of making the right decision by consumers. As a result, CBUAE has issued UAE’s first comprehensive financial consumer protection regulatory framework that defines the relationship between the financial and banking service providers and the consumers in order to ensure the protection of financial consumers and continued confidence in the sector.”

“The issuance of the Consumer Protection Regulation comes within the Central Bank’s keenness to promote transparency and fairness when Licensed Financial Institutions deal with their consumers. It will enhance competitiveness, integrity and stability of the banking and financial sector,” he added.

It is also reported that the CBUAE has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations. The sanctions were imposed under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law).

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