UAE disburses $ 6.8bn to banks


Next week it will start to pump a second tranche of an equal amount into the banking system, the finance ministry said in a statement carried by the official WAM news agency.

The ministry said on October 21 that it had made 25 billion dirhams ($ 6.8bn) available to banks as the first tranche of a promised 32.6 billion dollars aimed at staving off the effects of the global meltdown.

It said yesterday that the second tranche of another Dh25bn will be pumped into the banking system as of next week after the first tranche was fully disbursed. In addition to pledging the $ 32.6bn, the government has also guaranteed deposits in banks operating in the Gulf country.



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