Don't miss

Replay


LATEST SHOWS

FOCUS

The Arab Spring's unfulfilled promises

Read more

EYE ON AFRICA

Deadly attack on U.N. base in northern Mali

Read more

MEDIAWATCH

The Pope meets the Patriarch

Read more

MEDIAWATCH

The Pope meets the Russian Patriarch

Read more

THE WORLD THIS WEEK

Trump and Bern: outsiders win big in New Hampshire (part 1)

Read more

THE WORLD THIS WEEK

Recycle and spin: Hollande includes greens in new cabinet (part 2)

Read more

FRANCE IN FOCUS

Paris: A nightlife in limbo?

Read more

REVISITED

Video: 40 years on, Franco's ghost still haunts Spain

Read more

#TECH 24

'Life as a cyborg' with Angel Giuffria

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)