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UAE banks up withdrawals from Central Bank
- United Arab Emirates: Thursday, January 08 - 2009 at 13:10
UAE banks continued to withdraw their funds from the Central Bank in the second half of 2008 to offset a steep drop in deposits. After regaining nearly Dhs69bn in the second quarter, the country's 24 national banks and 28 foreign units withdrew a further Dhs63bn between June and October, showed the figures by the Central Bank. The withdrawal was reflected in a sharp decline in the Central Bank's certificates of deposits balance from a peak of Dhs185.6bn at the end of March to Dhs116.7bn at the end of June and around Dhs53.6bn at the end of October, according to the figures.
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Jeff Florian, Senior ReporterThursday, January 08 - 2009 at 13:10 UAE local time (GMT+4)
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