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UAE cbank to support local banks

Dubai, December 14, 2009

The UAE central bank will be there to inject liquidity as needed into banks that face exposure to Dubai World, a source close to the Dubai government said on Monday.

Dubai said on Monday it had received $10 billion from fellow UAE member Abu Dhabi to help it repay A $4.1 billion Islamic bond maturing on Monday.

"The central bank will be there to inject liquidity to the banks as needed in respect to their exposure to Dubai World and any related entities," the source said on a conference call organised following the Abu Dhabi aid injection. – Reuters




Tags: UAE | Dubai World | Central Bank | exposure |

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