UAE officials give banking sector clean bill of health

(EB FILE)

Published Wednesday, June 10, 2009

By Reuters

Banks in the United Arab Emirates are stable and liquidity in the financial sector is excellent, according to a statement by a UAE ministerial committee charged with helping the state navigate the financial crisis.

"The UAE banking sector is stable and firmly on the growth path," said a statement issued by the committee on Wednesday. "The liquidity status of UAE's national banks is excellent."

Banks in the UAE and the Gulf recoiled from the financial crisis late last year by reigning in spending, which sent policymakers scrambling to restore liquidity to encourage credit creation in the economy.

The committee includes Finance Minister Ubaid Humaid al-Tayer, central bank governor Sultan Nasser al-Suweidi, the director general for the ministry of finance Younis Haji al-Khoori, and senior bank managers.

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