CBUAE becomes first Arab central bank to adopt FX global code

The Central Bank of the UAE (CBUAE) has signed a Statement of Commitment to the FX Global Code, becoming the first central bank in the Arab world to adopt the internationally recognized framework. By joining a global network of central banks and financial institutions, the CBUAE reinforces its commitment to integrity, transparency, and best practices in the foreign exchange market.

The FX Global Code establishes a common set of ethical and professional guidelines for participants in the wholesale foreign exchange market, promoting fairness, stability, and sound market practices. Its adoption reflects the CBUAE’s dedication to upholding these principles and enhancing the efficiency of the UAE’s financial sector.

Khaled Mohamed Balama, Governor of the CBUAE, emphasized the significance of this step, stating:

Our adoption of the FX Global Code reaffirms our commitment to strengthening the UAE’s foreign exchange market, promoting ethical standards, and ensuring a well-regulated environment. As the first central bank in the Arab world to take this step, we look forward to working alongside international regulators and market participants to uphold transparency and professionalism.

This milestone aligns with the CBUAE’s broader goal of maintaining a stable and efficient financial market, setting a benchmark for the region. The central bank will continue working with regional and global partners to uphold financial stability and market integrity.

The CBUAE is encouraging licensed financial institutions in the UAE to review their operations in line with the FX Global Code and implement robust control systems to ensure compliance, further strengthening the UAE’s position as a trusted financial hub.