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Emirates central bank says nation's banks strong

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DUBAI, United Arab Emirates - The United Arab Emirates Central Bank chief says the country's financial institutions remain strong as he seeks to quiet fears the global credit crisis will sting the rapidly developing nation.

Published: Sun 12 Oct 2008, 2:44 PM

Updated: Sun 5 Apr 2015, 2:17 PM

  • By
  • (AP)

Emirates Central Bank Governor Sultan Bin Nasser al-Suwaidi says ¢national and foreign banks in (the) UAE enjoy a strong financial position," in a statement released to state news agency WAM.

The country's citizens are responsible for three-quarters of deposits, he added Sunday.

Citizens represent only about 20 percent of the UAE population, which hosts large numbers of foreign workers.

Most holdings in UAE banks are located within the country rather than abroad, and ¢their parties are known and sound, contrary to what is there in other economies," al-Suwaidi added.



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