Financial and Banking News


UAE CDs Stillborn: Alternative Policies Criticized

A Dh4bn ($1.1bn) issue of Certificates of Deposit (CDs) by the Central Bank of the United Arab Emirates which was due to have been made at the beginning of the month (MEES, 1 October) was aborted because of poor bids by the major commercial banks. The Central Bank has now unveiled new regulations which attempt to duplicate the effect of the stillborn CD issue by stemming the outflow of capital...