WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SELECT t.*, tt.*, tr.object_id FROM gfnews_terms AS t INNER JOIN gfnews_term_taxonomy AS tt ON t.term_id = tt.term_id INNER JOIN gfnews_term_relationships AS tr ON tr.term_taxonomy_id = tt.term_taxonomy_id WHERE tt.taxonomy IN ('category', 'post_tag', 'post_format', 'yst_prominent_words') AND tr.object_id IN (297076) ORDER BY t.name ASC

UAE Central Bank to launch new overnight deposit facility - News - Gulflance

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_options`

11.6 C
Kuwait City
January 21, 2021
Gulflance
Home » UAE Central Bank to launch new overnight deposit facility – News
Uncategorized

UAE Central Bank to launch new overnight deposit facility – News

Source link

‘This new facility will support banks operating in the UAE in proactively managing their day-to-day liquidity’

 The UAE Central Bank said on Monday it would introduce a new overnight deposit facility as of July 12 to enable conventional banks operating in the UAE to deposit their surplus liquidity at the apex bank on an overnight basis.

In a statement, the CBUAE said the introduction of the Overnight Deposit Facility (ODF) is the first step towards implementation of the new “Dirham Monetary Framework” announced earlier this year.

“The ODF shall be the prime facility for managing surplus liquidity in the UAE banking sector prior to the launch of the Monetary Bills Programme and shall replace issuance of one-week Certificate of Deposits,” the banking regulator said.

The proposed Monetary Bills Programme is aimed at draining surplus liquidity using government securities or central bank bills.

Abdulhamid Saeed, Governor of the CBUAE, said the introduction of the new facility is a reflection of the CBUAE’s continuous efforts to achieve the objectives of its monetary policy and to foster money market developments in the UAE. “This new facility will support banks operating in the UAE in proactively managing their day-to-day liquidity and help in aligning overnight money market rates with the Base Rate in normal market conditions.”

With the introduction of ODF, the general stance of the CBUAE’s monetary policy shall be signalled through the interest rate of the ODF, which becomes the main policy rate of the CBUAE and will be referred to as the base rate. “Accordingly, the CBUAE expects that overnight money market rates should hover around the Base Rate under normal markets conditions.” 

The base rate, which will be anchored to the US Federal Reserve’s Interest on Excess Reserves (IOER), should also provide the effective interest rate floor for overnight money market rates, the apex bank said.

The CBUAE said it would also be providing a variant facility of the ODF to cater for licensed financial institutions that carry on all or part of their activities and business in accordance with the provisions of Shariah rules. “Until this facility becomes operational, the CBUAE will continue to offer to these institutions the one-week commodity Murabaha-based Islamic Certificate of Deposits, which will be breakable on a daily basis.” 

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE’s mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.







Click here to read more news from @khaleejtimes

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_postmeta`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_postmeta`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_postmeta`

WordPress database error: [Disk full (/tmp/#sql_25c8_1.MAI); waiting for someone to free some space... (errno: 28 "No space left on device")]
SHOW FULL COLUMNS FROM `gfnews_postmeta`

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
close-link

You're currently offline