Description

The Central Bank of the United Arab Emirates (CBUAE) is the state institution responsible for managing the country's currency, monetary policy, and banking and insurance regulation. It succeeded the Currency Board, which was established on May 19, 1973, following the creation of the UAE as an independent state in 1971. The UAE Currency Board's initial purpose was to issue an independent currency, replacing the Qatari riyal and Bahraini dinar. The new UAE dirham entered circulation on the same day the Currency Board was established.

Sheikh Zayed bin Sultan Al Nahyan (1918–2004) was an Emirati leader, credited with founding the United Arab Emirates. He governed the Eastern Region before becoming Abu Dhabi's ruler in 1966 and later the UAE's first president until his passing in 2004. Revered as the "Father of the Nation," he played a pivotal role in uniting the seven emirates. Zayed succeeded his brother as Abu Dhabi's ruler after a peaceful coup in 1966.