UAE says it will make banks safe for depositors

Egypt News.Net
Sunday 12th October, 2008

The United Arab Emirates has announced a series of steps to ensure the country continues to grow in the midst of the global financial crisis.

On the weekend, the UAE cabinet approved a series of internal preventive steps and measures to ensure continuity of economic growth.

Among the measures, the federal government will ensure that no UAE bank is exposed to credit risks.

To ensure continuity of the economic system, the government has said it will guarantee deposits and savings, guarantee all inter-bank lending operations between banks operating in the UAE and inject sufficient liquidity if necessary.

At the meeting, UAE President Sheikh Khalifa Bin Zayed Al Nahyan confirmed that the UAE banking system was solid with no looming problems.

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