The United Arab Emirates' central bank set up new additional liquidity facility for commercial banks, it said on Sunday.
"Central Bank has issued a notice to UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the central bank, at the rate of 50 basis points above the 3 months EIBOR (Emirates interbank offered rate)," it said in a statement.
The central bank also said it stood behind UAE banks and branches of foreign banks, adding the Gulf Arab country''s banking system was more sound and liquid than a year ago.
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