ABU DHABI, (Pakistan Point News - 14th Oct, 2020) The Central Bank of the UAE withdrew AED10.9 billion out of excess liquidity during August after it met the market needs for cash in previous months.
The move fits within the CBUAE's mandate to direct the country's credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government's general plan in a way that ultimately strengthens the domestic economy, assures financial stability, regulates cash flows and withdraws cash surplus in order to retain economic resilience.
The statistics released by the apex bank indicated a rise in the cumulative total of certificates of deposits from AED146.1 bn by end of July to AED157 bn by the end of August.
By the end of Q1, the CBUAE pumped a considerable amount of funds, before starting to remove excess liquidity from June.
