IMF welcomes UAE decision to shore up banks

The International Monetary Fund (IMF) said that a decision by the UAE Central Bank to pump liquidity into its banking sector was "welcome".

"The UAE is a strong resource-based economy and we welcome yesterday's [Sunday] announcement by the Central Bank of the country making available to banks a special additional liquidity facility," a statement from the IMF said.

The comments came after the Central Bank announced it had issued a notice to UAE banks and foreign banks operating in the UAE "making available to them a special additional liquidity facility linked to their accounts at the central bank".

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