The UAE banks won’t be adversely impacted by the turmoil roiling international markets, the country’s central bank said yesterday.
“The Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability Affairs, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets,” the apex bank said in a statement.
Global financial markets have seen heavy selling pressure since the beginning of May as fears of a possible sovereign debt default by Greece and its exit from the Eurozone increase. The exit of Greece would most certainly mean a run on the sovereign debts and bank deposits of other heavily indebted countries in the Eurozone such as Portugal, Ireland, Spain and Italy — a possibility the European Central Bank (ECB) or Eurozone policymakers have not been able to conclusively put to rest until now.
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