MIDEAST DEBT-UAE lenders unshaken by troubles at Sharjah's Invest Bank | Reuters:
Banks in the United Arab Emirates were unaffected on Monday by the central bank’s statement in support of Sharjah’s loss-making Invest Bank, which has been hit by exposure to the UAE’s troubled real estate and construction markets.
“It’s a small bank and won’t create ripples,” a Gulf finance banker said of Invest Bank, which said on Friday that the government of Sharjah planned to take a majority stake in it.
UAE interbank money rates have not moved unusually sharply in the last few days and several bankers said they did not believe Invest Bank signalled any systemic instability among banks in the UAE, where liquidity is ample after two years of sluggish credit growth and rising energy prices.
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