Central Bank Withdraws AED6.00 Billion Of Surplus Liquidity In MarchSource: www.export-egypt.com 4/22/2018, Location: Middle East |
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The UAE Central Bank has withdrawn AED 6.00 billion out of excess liquidity in the market during March after it met the market needs for cash in January and February.
The move fits within the Central Bank's mandate to direct the country's credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government's general plan in a way that ultimately strengthens the domestic economy and assures financial stability. Recent statistics released by the bank indicated a rise in the total value of certificates of deposits from AED128.3 billion in February to AED134.3 billion by the end of March. Banking analysts view that UAE banks resuming their loans and credit facilities to different sectors across the country has necessitated a move by the Central Bank to regulate the cash flows and withdraw the cash surplus in order to retain economic resilience. Back to the first quarter of the year, the Central Bank pumped cash amounting to AED6.8 billion until the end of February, after withdrawing a considerable amount of funds during Q4 2017. As per official statistics, the total value of certificates of deposit fell from AED135.1 billion in December 2017 to AED132.4 billion in January 2018 and to AED128.3 billion in February, before rebounding to AED134.3 billion in March. The total value of liquidity withdrawn by the UAECB during 2017 amounted to AED26.9 billion. |
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