UAE 'needs to inject $27bn into banks'
Dubai, February 10, 2009
The United Arab Emirates needs to inject more than 100 billion dirhams ($27.23 billion) into bank deposits to enable an adequate resumption of lending activity, Standard Chartered Bank said.
"We estimate that the UAE needs to inject in excess of 100 billin dirhams into the banking sector to bring the advances to deposit ratio below 100 percent," Standard Chartered said in a research note released on Monday.
Abu Dhabi said last week it would inject 16 billion dirhams into five of its banks.
The UAE finance ministry last year launched a 70 billion dirham emergency facility to improve liquidity in the banking system. The central bank also launched a 50 billion dirham facility.- Reuters
More Finance & Capital Market Stories
- IPIC to use $4bn pipeline payment to repay debt
- UAE sees big foreign capital inflow
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast
- Doha bourse breaks key 9,000 level
- UAE economic growth hits 4.4pc in 2012
- DFM firms achieve 100pc compliance