| 05 Sep 2010 |
|
Central Bank cuts deposits by Dh16bn
- Text size
The UAE Central BankUAE Central Bank
slashed its deposits with other banks by nearly Dh16 billion in June to invest in more profitable securities as interest rates have remained at one of the lowest levels, its figures showed on Saturday.From around Dh64.9bn at the end of May, deposits by the Central BankCentral Bank, mostly in banks abroad, dipped to Dh49.07bn at the end of June, their lowest level in more than two years, the Central BankCentral Bank said in its June bulletin. At the end of June, the deposits were nearly Dh36bn below their level of Dh85.6bn at the end of 2009, the figures showed. The cut was offset by a surge in the Central BankCentral Bank's investment in held-to-maturity foreign securities, which jumped by around Dh15bn to nearly Dh33.1bn at the end of June from Dh18.4bn at the end of May.The investments in such tools were only about Dh37 million at the end of 2009. The report showed the Central BankCentral Bank
's total assets grew to around Dh202.08bn at the end of June from Dh199.7bn at the end of May. Foreign assets slipped to about Dh82.9bn from Dh84.3bn in the same period. Loans to banks against certificates of deposits (CDs) edged down slightly to about Dh2.42bn from Dh2.49bn while loans to the Ministry of Finance and the Dubai Government remained at Dh106.7bn. Loans to banks under the Dh50bn liquidity support facility introduced by the Central BankCentral Bank in the wake of the 2008 global fiscal crisis remained unchanged at Dh1.99bn at the end of June compared with the previous month. But it was lower than its level of Dh2.63bn at the end of 2009, an indication the banks are no longer using that facility because of resurging liquidity. Recovering liquidity is also reflected in high investments by banks in the Central BankCentral Bank
's CDs, which stood at Dh67.4bn at the end of June compared with around Dh63.2bn at the start of this year. By Staff
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Money and other Free newsletters.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.