UAE set to print its own money now

The Central Bank of the UAE and Emirates Investment Authority have announced the signing of a memorandum of understanding (MoU) to establish and operate a mint in the UAE to meet the Central Bank’s entire needs of printed currency notes.

"The establishment of the mint is mainly aimed at meeting the Central Bank’s entire needs of printed currency notes. A secondary objective would be to market whatever surplus capacity in international markets," the apex bank said in a press release.

"Emirates Investment Authority shall undertake construction of the mint, and outfitting and supplying it with advanced equipment to ensure world class operation, and state of the art operational and technical specifications, which are required in the area of minting currency notes," the bank added.

"The Central Bank shall provide necessary support to the Authority, including experiences and resources to enable the mint achieve its objectives."

Within the framework of their joint efforts to establish and operate the Mint, the two parties agreed to form an administrative committee to undertake coordination in areas of implementation of specifications, standards, artworks and security features of the currency notes and determine requirements for designing and minting currency notes and monitor and assess quality of the product against agreed specifications and standards,"  it added.

The (MoU) was signed on Monday by Central Bank of UAE by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of UAE, and Mubarak Rashid Al Mansoori, Chief Executive Officer, Emirates Investment Authority.

The signing ceremony was attended by Humaid Al Tayer, State Minister for Financial Affairs and senior executives from the Central bank and Emirates Investment Authority.

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