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Thursday, 4 March 2010

Abu Dhabi bill payments would create "more liquidity"

Bank liquidity will improve if government departments and private-sector companies pay their bills sooner, a top banker says.

Andre Sayegh, the chief executive at First Gulf Bank (FGB), called today for a change in mindset, and where possible in contracts, to increase liquidity and give the economy a boost.

“Take the [Abu Dhabi] budget. It is released, they have the money, it is just a matter of paying faster. That would improve … the money circulating in the country,” Mr Sayegh said.