UAE now will have more control on the production of its own currency. Based on an memorandum of understanding signed between the Central Bank of the UAE and Emirates Investment Authority a modern mint equipped with top notch specialized printing and finishing lines will be established to meet the Central Bank’s entire needs of printed currency notes as well as to market whatever surplus capacity in international markets.
According to the information provided by the Central Bank, Emirates Investment Authority will look after the construction of the premises as well as equipping it with advanced technology with state of the art operational and technical specifications, which are required in the area of minting currency notes.
“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 for the Central Bank of UAE by Sultan bin Nasser Al Suwaidi, Governor of the Central Bank of UAE and for Emirates Investment Authority by Mubarak Rashid Al Mansoori, Chief Executive Officer of Abu Dhabi 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.