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FINANCIAL NEWS
UAE banks have enough dollar assets to cover local needs: CB
14 Sep 2011
(MENAFN) UAE’s central bank’s treasury department’s senior executive director, Saif Hadef al-Shamsi, said that banks in the country had enough dollar assets to cover local banks’ demand, reported Arabian Business.
Al-Shamsi added that banks in the UAE had risk management departments to handle global risks of economic and banking developments, therefore, the effect of debt problems related to European banks on local banks was limited.
He also said that bank deposits grew to their highest level in at least more than two years in March since depositors stored money in banks as a result of the political unrest in the region, adding that in July, deposits in the country’s banks stood at USD308 billion from USD306 billion in June.
It is worth noting that surplus liquidity of banks operating in the local market surpassed USD27 billion.
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