UAE Central Bank withdraws Dhs10.9bn in excess liquidity during August

SourceGulf Business
SectorFinancial Services
CountryUnited Arab Emirates

The Central Bank of the UAE (CBUAE) withdrew Dhs10.9bn from additional liquidity during the month of August to maintain economic resilience. This move came after the central bank met the market needs for liquidity in previous months, official news agency WAM reported. The decision to do so was also aligned with the CBUAE’s mandate to direct the country’s credit policy, and to regulate and oversee the monetary and banking policies to strengthen the domestic economy. The statistics released by the apex bank indicated a rise in the cumulative total of certificates of deposits from Dhs146.1bn by end of July to Dhs157bn by the end of August. By the end of Q1, the CBUAE had pumped a considerable amount of funds, before starting to remove excess liquidity from June. In the wake of the Covid-19 more...