Central Bank Pumps AED7.3 Bn during MarchSource: www.export-egypt.com 5/15/2019, Location: Middle East |
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The Central bank of the United Arab Emirates has injected AED7.3 bn in cash to the financial system in March to boost liquidity and compensate banks for the considerable amount of funds withdrawn out of excess liquidity in the market over the recent period.
The move fits within the CBUAE'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, assures financial stability, regulate cash flows and withdraw cash surplus in order to retain economic resilience. Reinjecting more liquidity over the coming period will generate more business momentum, according to analysts. According to CBUAE figures, the certificates of deposit dropped to AED139.2 bn by the end of March from AED146.5 bn the month earlier. Over the first two months 0f 2019, a total of AED8.00 bn in cash has been withdrawn from the market after AED12.4 bn was withdrawn in excess liquidity in December 2018. |
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