The move is a positive step by the Central Bank in keeping liquidity flowing as well as helping to regulate the credit growth rate to a sustainable level that will support economic growth in the UAE whilst instilling confidence in the markets.
Shayne Nelson, Standard Chartered Regional Chief Executive Officer, MENA said,
"Standard Chartered remains a net lender to the interbank market and will continue to contribute in helping with the sustainability of the banking sector in the UAE. Standard Chartered is confident that these steps by the UAE Government will help consolidate the short to mid-term sustainability."
"We remain well capitalised and have a strong liquidity position. The Bank is in great shape and has no direct exposure to the kind of instruments that have led to the current financial turmoil."Shayne added.
Standard Chartered Bank continues to support its customers in what are challenging times for global markets.
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Posted by Ehab Al-Abbadi
