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Lack of speculative money weakens liquidity
- United Arab Emirates: Tuesday, November 25 - 2008 at 15:04
The departure of speculative money, which was increasing in line with expectations of a likely revaluation of the UAE currency, is one of the major causes of the weakened liquidity in the UAE's banking system, rating agency Moody's said in a report on Monday. The sustained disruption to foreign market funding, the substantial irrevocable loan commitments to existing clients that need to be serviced, and the potential need for refinancing existing corporate debt as it matures, have also been identified by Moody's as the root cause of the current liquidity crunch.
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Jeff Florian, Senior ReporterTuesday, November 25 - 2008 at 15:04 UAE local time (GMT+4)
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