The value of gold reserves of the Central Bank of the UAE (CBUAE) in April 2021 rose to Dhs11.56 billion, a growth of 6.8 per cent or Dhs743 million, compared to Dhs10.817 billion in March 2021.
The Central Bank of the UAE (CBUAE) has announced that the Money Supply aggregate M1 increased 0.3 per cent, from Dhs642.3 billion at the end of March 2021 to Dhs644.4 billion at the end of April 2021.
“The launch of the Monetary Bills programme earlier this year, along with the existing Islamic Certificates of Deposits programme, facilitates the development of this innovative facility, Khaled Mohamed Balama, governor of the CBUAE, said.
“I am confident that the financial markets infrastructure deployed for this facility will not only enable licensed financial institutions to mitigate intraday liquidity risks, when there are timing mismatches between their daily inflows and outflows, but also help increasing efficiency of payments through the UAE Funds Transfer System.”
President Sheikh Khalifa appointed Mr Balama as governor of the CBUAE on Wednesday. Later that day, the regulator also announced its decision to extend the Targeted Economic Support Scheme (Tess), the Dh50 billion ($13.61bn) zero-cost funding programme set up a year ago to help lenders maintain funding flows through the economy following the onset of Covid-19.
UAE Central Bank launches intraday liquidity facility
6 hours ago Picture used for illustrative purpose.
The Central Bank of the UAE (CBUAE) announced on Thursday that, effective April 21, 2021, a new liquidity management facility (ILF) will be introduced as part of the implementation plan of the new Dirham Monetary Framework.
The objective of the facility is to provide eligible counterparties - participants in the UAE Funds Transfer System - access to Dhs funding from the CBUAE on an intraday basis, to ensure that payments are settled on a real-time basis.
To obtain intraday funds from the CBUAE, participants in the UAE Funds Transfer System are required to submit eligible collateral, as per the requirements set out in the terms and conditions of the new facility.