Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

25 years of independence in Eritrea : Thousands continue to flee the repressive regime

Read more

MEDIAWATCH

Petrol shortages in France and free hugs in Britain

Read more

MEDIAWATCH

Petrol shortages in France and #HugABrit

Read more

THE DEBATE

Obama in Vietnam: Just how close can Washington and Hanoi become? (part 1)

Read more

THE DEBATE

Fuel on the fire: French unions block refineries to protest labour reform (part 2)

Read more

ENCORE!

Music show: Judith Owen, Eric Clapton and Ariana Grande

Read more

FOCUS

Video: Christian NGO brings Syrian refugees to Italy

Read more

IN THE PAPERS

'Near miss' for Austria and the EU

Read more

IN THE PAPERS

#hugabrit

Read more

Business

Central bank to pump cash into Dubai lenders

Text by News Wires

Latest update : 2009-11-29

The central bank of the United Arab Emirates (UAE) says it will provide lenders with extra liquidity to help prop up a banking sector rattled by the announcement Wednesday that Dubai's main investment vehicle would delay debt payments.

AFP - The central bank of the United Arab Emirates said on Sunday it is providing banks with extra liquidity, stressing its support to the banking sector after Dubai World asked to suspend debt payments.

The bank said in a statement it had issued a notice to UAE banks and foreign banks operating in the UAE "making available to them special additional liquidity facility linked to their accounts at the central bank."

The statement gave no indication of how much extra liquidity was being set aside for the banking system.

"The UAE banking system is more sound and liquid than a year ago," the central bank said, pointing out that UAE banks have made fewer short-term borrowings from international lenders, with foreign interbank deposits and short-term bonds dropping by 25 percent.

Date created : 2009-11-29

  • UNITED ARAB EMIRATES

    Abu Dhabi will 'pick and choose' how to assist debt-ridden Dubai

    Read more

COMMENT(S)