Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Thiaroye: a dark chapter in France and Senegal's common history

Read more

THE BUSINESS INTERVIEW

The 'Stagnation Trap', with Catherine Mann, Chief Economist at OECD

Read more

ENCORE!

'An American in Paris', a truly transatlantic collaboration

Read more

BUSINESS DAILY

Oil prices 'could fall further' without OPEC output cut

Read more

IN THE PAPERS

How not to argue over Thanksgiving dinner

Read more

IN THE PAPERS

Just how green is François Hollande?

Read more

WEB NEWS

USA: African Americans call for boycott of 'Black Friday'

Read more

AFRICA NEWS

Sierra Leone: UN won't meet December 1st target for containing Ebola virus

Read more

MEDIAWATCH

Sarkozy criticised for comments about former justice minister's origins

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)