UAE central bank announces launch of discount window
- United Arab Emirates: Tuesday, September 11 - 2012 at 11:33
The central bank of the UAE has said it aims to develop its monetary policy framework by launching a discount window, to be called the "marginal lending facility," to enable banks to borrow intra-day and overnight funds, Reuters has reported. "This facility will improve liquidity management practices within the UAE and support money markets if there are liquidity shortfalls," the central bank said in its inaugural financial stability review. "It will also support the development of collateralised debt markets and long term capital markets as commercial banks will be inclined to invest in securities that are defined as eligible securities - this process will facilitate the implementation of Basel III liquidity standards," it said, without providing further details on when it planned to launch the window.
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