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UAE takes preventive measures to face global financial crisis

posted on 13/10/2008: 987 views



President H.H. Sheikh Khalifa bin Zayed Al Nahyan confirmed that the UAE economy is strong and sound and that its banking system is solid and efficient following a briefing on the latest developments on the global financial crisis by Vice President and Prime Minister of UAE and Ruler of Dubai H.H. Sheikh Mohammed bin Rashid Al Maktoum.

The UAE Cabinet, headed by Sheikh Mohammed bin Rashid AI Maktoum, approved yesterday a series of internal preventive steps and measures out of keenness to serve national interest, ensure continuity of economic growth and protect national economy.

Among these measures, the Federal Government will ensure that no UAE national bank will be exposed to credit risks, guarantee deposits and savings in all national banks, guarantee all inter-bank lending operations between banks operating in the UAE and inject sufficient liquidity in the financial system if and when necessary.

'We are determined to protect our financial and banking system out of keenness to preserve the interests of our country and people,' Sheikh Mohammed affirmed at the end of the Cabinet session. – Emirates News Agency, WAM

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