(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 18th October, 2018 (WAM) -- The Central Bank of the UAE pumped AED11.3 billion in September after withdrawing AED11.7 billion out of excess liquidity in the market during August and 5.2 bn in July.
The move fits within the CBUAE's mandate to direct the country's credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government's general plan in a way that ultimately strengthens the domestic economy, assures financial stability, regulate cash flows and withdraw cash surplus in order to retain economic resilience.
Reinjecting more liquidity over the coming period will generate more business momentum, according to banking experts.
According to CBUAE figures, the certificates of deposit dropped to AED121.4 bn by the end of September from AED132.7 bn in August.
In April 2018, a total of AED16 bn in cash has been pumped onto the market by the Central Bank in April, the highest liquidity injected by the country's primary financial regulator since the beginning of the year, according to official statistics.
WAM/Hatem Mohamed
MENAFN1910201800610000ID1097590147
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.