⁍ The UAE Central Bank said it will introduce new regulations on reserve requirements for deposit-taking financial institutions.
⁍ These institutions will be allowed to draw on up to 100% of their reserve balances held with the central bank on any day for daily settlement purposes or to deal with any swings on overnight money market rates.
⁍ The introduction of these regulations represents the second step towards implementation of the new Dirham Monetary Framework announced earlier this year.
– The United Arab Emirates is introducing new reserve requirements for banks, Reuters reports. The new rules will allow deposit-taking financial institutions to draw on up to 100% of their reserve balances with the UAE central bank on any day for settlement purposes or to deal with overnight money market rates. The introduction of the new regulations represents the second step toward implementation of the new Dirham Monetary Framework announced earlier this year.
Source: https://www.reuters.com/article/emirates-cenbank-banks-int/uae-to-impose-new-rules-on-mandatory-reserves-for-financial-institutions-state-media-idUSKBN2772SD