PHOTO
25 June 2016
Abu Dhabi: The UAE's Central Bank said on Saturday that banks in the country are not expected to see a significant impact from the UK's decision to leave the European Union.
"Due to limited interconnectedness between the UAE and the UK financial systems, there are only few channels through which uncertainty about future UK and UAE relations could affect the UAE financial institutions," the Central Bank's statement said.
It added that banks based in the UAE do not depend on foreign interbank markets to fund their balance sheets, and their consolidated net foreign interbank position is positive.
"In line with all major central banks, the Central Bank of the UAE will continue to monitor developments due to the unfolding economic implications of the vote and in particular, developments that could impact the UAE economy," the Central Bank said.
The UK's decision to exit the EU on Friday triggered panic in global markets as the sterling fell to its lowest value since before 1985.
© Gulf News 2016
Abu Dhabi: The UAE's Central Bank said on Saturday that banks in the country are not expected to see a significant impact from the UK's decision to leave the European Union.
"Due to limited interconnectedness between the UAE and the UK financial systems, there are only few channels through which uncertainty about future UK and UAE relations could affect the UAE financial institutions," the Central Bank's statement said.
It added that banks based in the UAE do not depend on foreign interbank markets to fund their balance sheets, and their consolidated net foreign interbank position is positive.
"In line with all major central banks, the Central Bank of the UAE will continue to monitor developments due to the unfolding economic implications of the vote and in particular, developments that could impact the UAE economy," the Central Bank said.
The UK's decision to exit the EU on Friday triggered panic in global markets as the sterling fell to its lowest value since before 1985.
© Gulf News 2016
