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UAE Central Bank action may not spur lending until 2010
- United Arab Emirates: Sunday, September 06 - 2009 at 12:49
The UAE Central Bank's revamp of the banking panel that sets interbank rates and its other efforts to spur lending may not have any effect until next year, bankers and analysts said. The central bank last week restructured the rate-setting panel of banks in a bid to cut the cost of interbank lending as it eased rates on liquidity support facilities. The new panel, due to start work this month, adds four new local banks and drops two international lenders. The central bank also modified its capital adequacy formula for banks in a move intended to boost liquidity. But bankers say the central bank's measures merely address short-term liquidity issues and are unlikely to have an impact this year. (Mac Capital Advisors)
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StaffSunday, September 06 - 2009 at 12:49 UAE local time (GMT+4)
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