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The Central Bank of the United Arab Emirates announced in a statement that it has placed additional liquidity facilities at the disposal of the local banking system in order to support the Emirati financial institutions. The announcement comes after the Dubai World public consortium Dubai announced on Wednesday its intention to negotiate with creditors a six-month moratorium on debt maturities, which led to sharp declines in the stock markets. This measure, however, became known when in the United Arab Emirates (UAE) and in the rest of the countries of the region entered a long Muslim holiday period, which ended yesterday. The Emirati banks and the financial markets will resume their operations today and thereafter the impact on the local stock exchange of the moratorium requested by Dubai World can be verified and if there are signs that may indicate massive withdrawals of deposits. The Central Bank's statement indicates that it has made known to local entities and branches of foreign banks a note in which it "puts additional liquidity facilities at its disposal in its current accounts" with the issuing institute. The applied rate of these financial facilities is 50 basis points over the three-month interest of the EIBOR, the reference interbank rate in the UAE. The statement does not provide details on the amounts of additional liquidity available to financial institutions. However, he adds that the Emirati banking system is currently more solid and liquid than it was a year ago, when the effects of the closure of Lehman Brothers began to be felt in the region. The Central Bank of the USA regulates the monetary policy of the seven emirates, which are governed by a federal system in which each of them is responsible for their own budget.
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