At this time, the Currency Board of the UAE did not have full central bank powers. It was mandated to manage the currency and the country's gold and foreign exchange reserves, but did not have regulatory authority and was not empowered to manage the UAE's monetary policy. The Union Law No (10) of 1980 saw the establishment of the Central Bank of the UAE as a public institution. The Law No (10) also augmented the functions of the Central Bank (previously assigned to the Currency Board) – Abdul Malik Yousef Al Hamar appointed Governor. Decretal Federal Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities issued.