UAE Central Bank Adheres to FX Global Code
Posted by Colin Lambert. Last updated: March 7, 2025
In a first for the Arab world, the Central Bank of the UAE says it has signed a Statement of Commitment to the FX Global Code, becoming the first central bank form the region to do so.
The CBUAE says its signing of the Statement of Commitment demonstrates its dedication to upholding the principles outlined in the FX Global Code. The Code, which defines a common set of guidelines of sound practice in the wholesale FX market, aims to enhance integrity, transparency and fairness, and disseminates appropriate ethical and professional standards among market participants, which contributes to the overall stability and safety of the global financial system.
It says adherence to the FX Global Code is “an important milestone, which reinforces the CBUAE’s broader objectives of maintaining the efficient functioning of the UAE’s financial market, while setting an example for the region”.
The central bank adds it will continue to focus on safeguarding financial stability in the UAE, and work closely with its regional and international partners to promote integrity and maintain the highest standards in the FX market.
Alongside the adherence statement, the CBUAE also stressed how it encourages licensed financial institutions operating in the UAE to review their practices in light of the Code and ensure that they maintain adequate systems of control to support their observance, in addition to issuing their own Statement of Commitment.
“The Central Bank’s adoption of the FX Global Code underlines its unwavering commitment to enhancing the integrity and efficiency of the UAE’s foreign exchange market, and promoting ethical practices and sound professional rules for its participants,” says Khaled Mohamed Balama, governor of the CBUAE. “We are honoured to be the first central bank in the Arab world to adopt this Code, and we look forward to collaborating with international regulators and market participants to ensure a transparent and well-regulated environment in accordance with best practices and professional efficiency.”
