UAE Central Bank adopts package of measures to ensure banking sector’s stability
The measures are designed to ensure banks have access to liquidity and to provide additional flexibility in the use of excess funds and capital buffers to support the country’s economy, Qazinform News Agency reports, citing WAM.
During its meeting, the UAE Central Bank’s Board of Directors noted that “the UAE’s financial system has demonstrated resilience during the current extraordinary circumstances affecting the global and regional markets without any material impact on the banking sector’s health and payment systems.”
“The overall stock of liquidity held by UAE banks at the CBUAE, combined with their net eligible assets for conventional CBUAE operations, reached close to AED 920 billion (USD 250 billion), of which banks’ reserve balances exceed AED 400 billion (USD 109 billion),” Agency says.
At the same time, the regulator announced the adoption of a comprehensive package of measures to strengthen the stability and resilience of the UAE banking sector, including monetary policy measures, liquidity and funding relief tools, capital buffer relief tools, a.nd credit risk management.
Earlier, it was reported the United Arab Emirates had pledged to make it a top priority to supply crude oil to South Korea, President Lee Jae Myung's top aide said Wednesday, noting that 24 million barrels of crude oil have been secured from the Gulf nation