الرئيسية
By Reuters
DUBAI, Nov 23 (Reuters) - Banks in the United Arab Emirates are
in a good position and should not be affected by turmoil in global
financial markets, the OPEC country's central bank said on Wednesday.
In
November, the central bank governor of the world's No. 4 oil exporter
said Europe's worsening debt crisis was a source of concern, while its
economy minister said that could slow the UAE economic growth to around 3
percent next year.
"The board reviewed report of the
manager-in-charge of the financial stability unit, which showed that
banks are in a good position and should not be negatively impacted by
the recent turmoil in international markets," the central bank said in a
statement published on its website www.centralbank.ae.
The UAE central bank's board met on Tuesday, it said.
The
deepening euro zone debt crisis has been rocking the global markets in
recent weeks. A Reuters poll predicted this month that there was a 60
percent chance the single currency bloc slips back into recession next
year.
Central Bank Governor Sultan Nasser al-Suweidi said in
October UAE banks should not feel any major pain from the euro zone debt
crisis.
Banks in the country were hit by Dubai's $25 billion
debt restructuring last year, which followed a local property market
crash and the global financial crisis.
Since then, banks have
been building up capital levels, which were already high by
international standards, and earnings have partially recovered.
Annual
lending growth, however, still remains in low single digits. It stood
at 3.5 percent in September, up from an eight-month low of 2.2 percent
in August, central bank data showed.
Suweidi also said in October
exposure of the country's banks to sovereign and private sector debt in
Europe is small and their capital adequacy ratio was around 11 percent.
DUBAI, Nov 23 (Reuters) - Banks in the United Arab Emirates are
in a good position and should not be affected by turmoil in global
financial markets, the OPEC country's central bank said on Wednesday.
In
November, the central bank governor of the world's No. 4 oil exporter
said Europe's worsening debt crisis was a source of concern, while its
economy minister said that could slow the UAE economic growth to around 3
percent next year.
"The board reviewed report of the
manager-in-charge of the financial stability unit, which showed that
banks are in a good position and should not be negatively impacted by
the recent turmoil in international markets," the central bank said in a
statement published on its website www.centralbank.ae.
The UAE central bank's board met on Tuesday, it said.
The
deepening euro zone debt crisis has been rocking the global markets in
recent weeks. A Reuters poll predicted this month that there was a 60
percent chance the single currency bloc slips back into recession next
year.
Central Bank Governor Sultan Nasser al-Suweidi said in
October UAE banks should not feel any major pain from the euro zone debt
crisis.
Banks in the country were hit by Dubai's $25 billion
debt restructuring last year, which followed a local property market
crash and the global financial crisis.
Since then, banks have
been building up capital levels, which were already high by
international standards, and earnings have partially recovered.
Annual
lending growth, however, still remains in low single digits. It stood
at 3.5 percent in September, up from an eight-month low of 2.2 percent
in August, central bank data showed.
Suweidi also said in October
exposure of the country's banks to sovereign and private sector debt in
Europe is small and their capital adequacy ratio was around 11 percent.