United Arab Emirates mountain cluster in Ras al-Khaimah. A few years later, there were more sightings of snow and hail. The Jebel Jais mountain cluster has experienced snow only twice since records began. The United Arab Emirates is a federation of hereditary absolute monarchies. It is governed by a Federal Supreme Council made up of the seven emirs of Abu Dhabi, Ajman, Fujairah, Sharjah, Dubai, Ras al-Khaimah and Umm al-Qaiwain. All responsibilities not granted to the national government are reserved to the emirates. A percentage of revenues from each emirate is allocated to the UAE's central budget. Although elected by the Supreme Council,
Central Bank of the United Arab Emirates Central Bank of the United Arab Emirates The Central Bank of the United Arab Emirates () is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates (UAE). It was established on as the United Arab Emirates Currency Board. This followed the creation of the UAE as an independent state in 1971. The original purpose of the UAE Currency Board was to issue an independent currency for the new state to replace the existing currencies in use: the Qatari riyal and the Bahraini Dinar. The new UAE dirham entered circulation on the