UAE offers reserves in bid to calm markets The central bank of the United Arab Emirates (UAE) has attempted to inject confidence ahead of the markets re-opening on Monday by saying it would "stand behind" local and foreign banks. By Louise Armitstead and Richard Spencer in Dubai Published: 9:02PM GMT 29 Nov 2009
Amid fears of a market rout, the federal institution intervened yesterday to announce an "additional liquidity scheme" to enable domestic banks and "branches of foreign banks operating in the UAE" to borrow money at a favourable rate of interest. In a dry statement, the central bank gave little detail of the scheme, except to say that a facility will be "linked to [banks'] current accounts at the central bank, at the rate of 50 basis points above the three months EIBOR [Emirates interbank offered rate]." It added: "The UAE banking system is more sound and liquid than a year ago. . . [it] is comprised of retail commercial banks only, with a strong base of stable deposits, the best banking model set that weathered the current global financial crisis." The intervention, which analysts said was aimed partly at preventing a run on local banks, follows Dubai's shock announcement last week that it was asking to delay the repayment of $3.5bn (£2.1bn) of debt due next month by Nakheel, the government-owned property company. The news sparked fears that Dubai may default on its debts, hitting international creditor banks. The statement from the UAE central bank was met with relief by the international community, which had been waiting for confirmation of local support for Dubai. ......................... ...................... --- In obrolan-bandar@yahoogroups.com, Vernichtung <gambler....@...> wrote: > > Sekarang minus 2.09% di Yahoo finance. > > 2009/11/30 Thomas Frederick <thomaszone_2...@...> > > > > > > > -0.73% mbah skrg, mungkin kita segituan kali ya mbah > > ------------------------------ > > *From: * "jsx_consultant" <jsx-consult...@...> > > *Date: *Mon, 30 Nov 2009 01:43:08 -0000 > > *To: *<obrolan-bandar@yahoogroups.com> > > *Subject: *[ob] Singapore rebound > > > > > > > > Index singapore yg diperkirakan akan menjadi PENEKAN hari ini > > > > karena hari Jumat libur, ternyata TIDAK BISA DIGUNAKAN.... > > > > DUBAI FEAR discountED.... > > > > > > http://finance.yahoo.com/q/bc?t=5d&s=%5EKS11&l=on&z=l&q=l&c=%5ESTI%2C%5EJKSE > > > > > > > > >
