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29 March 2024

UAE amends bank liquidity rules

UAE Central Bank (FILE)

Published
By Reuters

The UAE Central Bank has approved amendments to liquidity rules for the Opec member's banks, it said on Wednesday.

"The Central Bank board reviewed a proposed liquidity regulation for banks operating in the UAE and instructed introduction of some amendments to it," it said in a statement.

The Central Bank did not give details about measures approved by the board on Tuesday. Its spokesman declined to comment.

Central Bank Governor Sultan Nasser Al Suweidi said in November that the UAE did not need to introduce any new liquidity or provisioning measures for its banks due to the euro zone's severe sovereign debt crisis.

The exposure of UAE banks to sovereign and private sector debt in Europe is small and their capital adequacy ratio was around 11 percent, he said in October.