From a pandemic-induced recession to a vaccine-led resurgence, the shift is on
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Trideep Bhattacharya
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Our journey into 2021 has commenced on a bright note, with most of our conversations now revolving around vaccines and lives returning to complete normalcy. The year 2020 was a blur which involved most of us being confined to the spaces of our homes as the pandemic ensured lockdowns, the fear of an intermittent recession converting into a full blown one, stress on company balance sheets as businesses were shut and a host of liquidity measures needed by global central banks to ensure the economies do not slip into a deeper recession.
Liquidity in UAE banking sector back to pre-Covid-19 level: Central Bank
Waheed Abbas/Dubai Filed on March 16, 2021
The apex bank announced the first stimulus package of Dh100 billion in March 2020 to support economy, banks, businesses and individuals. It was later increased to Dh256 billion to accelerate the economic recovery. File photo
Drawdowns by local banks under the Central Bank’s Targeted Economic Support Scheme (Tess) launched last year at zero-cost to support businesses and individuals stood at Dh22 billion in March 2021
The overall liquidity of the UAE banking system has returned to the pre-Covid-19 level, said Abdulhamid Saeed Alahmadi, governor of the Central Bank of the UAE (CBUAE).
Deposits boosted top US banks’ short-term funds in 2020 Print this page
Deposits made up a larger portion of the eight US global systemically important banks’ (G-Sibs) short-term wholesale funding (STWF) at end-2020 then the year prior, reflecting an influx of cash from financial and non-financial clients in the wake of the coronavirus crisis.
As of Q4 2020, the G-Sibs reported an aggregate $5.69 trillion of STWF, up 7% on Q4 2019. However, borrowings classified as ‘retail brokered deposits and sweeps’ surged 29% over this period, to $800 billion. These now
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Recent remarks from Fed Chair Jerome Powell also made it clear that the central bank has no intention of changing its approach towards large-scale purchases of securities or tampering the low interest rates.
Interest rates likely to be stable this year By CHEN JIA | CHINA DAILY | Updated: 2021-03-12 07:33 Share A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]
China s monetary authority may not cut policy rates this year, although monetary easing is going on in other major economies to contain coronavirus risks, according to a policy adviser and a former member of the central bank s monetary policy committee. It is likely that the central bank will maintain a stable level of interest rates this year, without proactively cutting the policy rates, said Li Daokui, a member of the 13th National Committee of the Chinese People s Political Consultative Conference. The market rates may decline moderately, as the authorities will continue to inject liquidity and keep it at an adaptive level.