Sunday, November 29, 2009

UAE Central Bank Will Protect Banking System

In an emergency announcement, the United Arab Emirates' central bank is saying it "stands behind" local and foreign banks operating in the country, offering them access to money following the recent announcement out of Dubai that they will be delaying payments on some Dubai World debt.

According to the Associated Press, the UAE's official WAM news agency said Sunday the central bank issued a notice to Emirati banks and foreign banks with branches in the country saying it would make available "a special additional liquidity facility linked to their current accounts at the central bank."

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