ABU DHABI: The UAE Central Bank said yesterday it would avail facilities worth AED50 billion ($13.6 billion) for the use of banks, operating in the UAE, that hit from a liquidity shortage. In a statement, the Central Bank announced that its board of directors have discussed the position of inter-bank deposits, which has been affected by the liquidity constraints in international money markets.
To remedy this situation, the Central Bank decided to set up a facility amounting to AED50 billion for banks operating in the UAE, to be used by these banks if so needed.
Banks had yet to be informed about what type of facility the central bank would introduce, bankers pointed out.
The board of directors of the central bank has also reviewed additional resources available with Central Bank for providing further support to banks operating in the UAE if required.
