UAE central bank support package lifts lenders shaken by Iran war

DUBAI: Shares of UAE-listed banks jumped on Wednesday after the Central Bank of the UAE announced ​measures to support their liquidity as the Iran crisis hits Gulf economies. The package detailed by the CBUAE in a statement dated March 17 includes enhanced access to reserve balances of up to 30 percent of the cash reserve requirement and term liquidity facilities in both UAE dirhams and US dollars. Abu Dhabi Commercial Bank chief economist Monica Malik said the measures echoed the central bank’s response to the COVID-19 pandemic.

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