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Date: 22/12/2008

Liquidity crunch in UAE to ease by Q1 2009: Standard Chartered Bank

UAE's financial system currently plagued by liquidity crunch will ease in the first quarter of 2009, according to a report from Standard Chartered Bank. Thanks to the Government measures things might look for UAE in the future.

Marios Maratheftis, regional head of Research, Middle East, Pakistan and North Africa for the bank in the UAE: "The (UAE) authorities have the willingness and the financial strength to address the problem, but the absence of the necessary monetary tools will undermine the process. Given the financial strength and the willingness of the authorities, we expect liquidity in the UAE to begin to normalise in the first quarter of 2009."

So far, the UAE has committed a total of Dh120 billion in the form of Dh50 billion liquidity support to the banks and additional Dh70 billion direct injections into the banking system. Amlak, Tamweel merger is aimed at ensuring enough liquidity in the UAE financial system.