Don't miss

Replay


LATEST SHOWS

IN THE PRESS

Fashion and ethics: Five years after Bangladesh factory collapse, what's changed?

Read more

FOCUS

Israel’s migrant crisis: Clear government signals, but unclear decisions

Read more

PERSPECTIVE

Plastic waste: ‘We can only tackle the problem if we work together’

Read more

MEDIAWATCH

Louis XIV's message for the British royal baby

Read more

EYE ON AFRICA

Zimbabwean nurses call off strike and return to work

Read more

THE DEBATE

Macron meets Trump: A state visit with discord on the horizon?

Read more

BUSINESS DAILY

Macron hopes for breakthrough on trade tensions during US visit

Read more

ENCORE!

Music show: Mahalia, Ariana Grande & Willie Nelson

Read more

FOCUS

Tramadol: Cameroon’s low-budget opioid crisis

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)