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.

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.