Governor of the Central Bank: With the departure of Sheikh Hamdan bin Rashid, the country loses an inspiring leader

The Governor of the Central Bank of the United Arab Emirates, Abdul Hamid Muhammad Saeed Al-Ahmadi, said that with the departure of Sheikh Hamdan bin Rashid Al Maktoum, the United Arab Emirates is losing an inspiring leader who has contributed to laying its foundations and planning its development path through all stages.

The late Sheikh Hamdan bin Rashid was the first to assume responsibility for the financial policy in the country, through his assumption of the position of Minister of Finance since the formation of the first government after the establishment of the Union in 1971, thus setting the first building blocks of the UAE financial system and continuing to supervise its development and guarantee It keeps pace with the country's growth and development until it has reached the prominent position it occupies among the economies of the region and the world.

Upon the establishment of the Central Bank in 1973 under the name of the Monetary Council of the United Arab Emirates, according to Federal Law No. (2) of 1973, the late Sheikh Hamdan was the first Chairman of his Board of Directors, as he contributed from his position as Chairman of the Law Drafting Committee and was a member of the Minister of State for Financial Affairs in The formation of the Central Bank of the United Arab Emirates law and supervised the issuance of the UAE dirham to become the national currency of the state.

Since the transfer of the Currency Board to the Central Bank of the United Arab Emirates at the end of 1980, according to Federal Law No. (10) for that year, and the expansion of its functions to include the work of the Currency Board, the late Sheikh Hamdan bin Rashid Al Maktoum continued his essential contribution to planning and developing the financial and monetary policies of the UAE. From his position as Minister of Finance to meet the requirements of sustainable economic and social development, enhance the effectiveness of financial and implementation planning for the federal budget, and direct public spending to support economically vital sectors.

We shed light on the most prominent decisions of the late that supported the process of the Central Bank, including the decisions on resolving the mortgage crisis in the seventies by establishing the real estate bank at that time.

He also had an effective role in managing financial crises to support the financial institutions represented in partnership and stressing the importance of coordination between financial and monetary policies.   

The late had a vision and footprint in the growth of the Central Bank of the United Arab Emirates, which came through his constant keenness on the independence of the Central Bank in its objectives, policies and legislation aimed at strengthening the strength of the financial system in the country.

The late He also continued to modernize the bank’s law, urging him and his eagerness to innovate in banking work and support the positions of the Central Bank in developing the financial and supervisory system, as the capital rose from 300 million to 20 billion dirhams, in addition to the peg of the dirham to the US dollar, which led to macroeconomic stability and stability. the prices.

It also had a pivotal role in supporting Emiratisation in the banking sector.

The late was known for his interest in the private sector and his contribution to building a sustainable economy with sincerity and dedication throughout these years that achieved achievements and successes that will continue for decades to come.

May God have mercy on Sheikh Hamdan bin Rashid Al Maktoum, and forgive him and make him live in paradise.

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