The United Arab Emirates' central bank governor said on Monday there was no cause for concern about local banks, which he said had proven themselves able to weather the global crisis, the state news agency WAM reported.
"Sultan Nasser al-Suweidi said .. he did not see any reason for concern because UAE banks have increased their capitals ... (and) as commercial banks have proven their ability to face the consequences of the world financial crisis," WAM reported.
The Dubai government disclaimed responsibility for the debts of its Dubai World conglomerate on Monday, crushing earlier assumptions by creditors that the Gulf emirate would guarantee its liabilities.
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