1) The Central Bank shall be considered a Federal public institution having legal personality, enjoying financial and managerial independence, and the required juridical capacity to conduct all businesses and activities, which ensure attainment of its objectives.

2) The Central Bank shall not be subject to the provisions of laws relating to public finance, tenders and auctions, public accounts and civil service, and its own regulations in these respects, shall apply.

3) The functions of State Audit Institution as per Federal Law No. (8) of 2011, Regarding Re-organization of the State Audit Institution, shall be confined to post-audit, and it shall have no right to interfere in the running of the Central Bank business, or challenge its policies.

Headquarters of the Central Bank and its official address, along with its main branch shall be located in the State’s capital and may, upon Board of Directors approval, establish affiliated entities and open branches, offices and agencies inside and outside the State, and appoint agents and correspondents inside and outside the State.

1) Maintain the stability of the national Currency within the framework of the monetary system.

2) Contribute to the promotion and protection of the stability of the financial system in the State.

3) Ensure prudent management of the Central Bank’s Foreign Reserves.

4) Provide appropriate environment to develop and enhance the role of the insurance industry in insuring people, property and liabilities against risks to protect the national economy, encourage fair and effective competition, provide the best insurance services at competitive prices and coverage, and localize jobs in the insurance market.

For the purpose of achieving its objectives, the Central Bank shall undertake the following functions and competences:

1. a. Establish and implement monetary policy while considering the State’s general strategy.
2. b. Exercise the privilege of Currency issuance.
3. c. Organize Licensed Financial Activities, establish the foundations for carrying them on, and determine the standards required for developing and promoting prudential practices in accordance with the provisions of this decretal law and international standards.
4. d. Issuance of appropriate regulations and standards for protection of consumers of Licensed Financial institutions.
5. e. Monitor the credit condition in the State, in order to contribute to the achievement of balanced growth in the national economy.
6. f. Manage foreign reserves to maintain, at all times, sufficient foreign currency assets to cover the Monetary Base as per the provisions of this decretal law.
7. g. Regulate, develop, oversee and maintain soundness of the Financial Infrastructure Systems in the State, including electronic payment systems, digital currency, and Stored Value Facilities.
8. h. Regulate, develop and oversee the insurance sector and business, propose and implement regulating legislation in this regard.
9. i. Receive requests for establishing and opening branches and representative offices for insurance and reinsurance companies, insurance agents and the professions associated therewith, and issuing the necessary licenses for them in accordance with the regulating legislation in this regard.
10. j. Protect the rights of the insured and the beneficiaries of the insurance business and monitor the financial solvency of insurance companies to provide adequate insurance coverage to protect these rights.
11. k. Work to raise the performance and efficiency of insurance companies and oblige them to the rules and ethics of the profession to increase their ability to provide better services to the beneficiaries of insurance, and to achieve positive competition among them.