The United Arab Emirates’ central bank expects interbank offered rates to fall further and plans to introduce a repurchase facility for Islamic lenders in the coming months, its treasury head said on Tuesday.
The central bank has been urging banks to quote lower rates at daily fixings of interbank benchmarks as liquidity in the system improved following Dubai’s $25 billion debt restructuring deal last September.
“Banks have no liquidity issue,” Saif Hadef al-Shamsi, senior executive director at the central bank’s treasury department, told reporters on the sidelines of a financial conference in the UAE capital.
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