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22 April 2024

Central Bank sets up task force with lenders to tackle crisis fallout

By Staff Writers

The economic decision-makers of the country continue to close ranks to insulate the UAE as much as possible from more wear and tear, given the toxic nature of global markets right now.

The UAE Central Bank and the country's banks have decided to set up a joint task force to face the crisis. The decision came after a meeting between the Central Bank board and representatives of 24 national and 28 foreign banks.

In what will come as confidence-boosting news to policymakers and the market, the bankers also informed the board that recent measures taken to inject funds into the banking system had the desired effect and resulted in better handling of the fallout of the crisis.

"The meeting concluded that the action taken by Central Bank, the local and federal governments have been timely and effective," the Central Bank said a statement after the meeting.