UAE takes steps to stave off global financial crisis

Abu Dhabi, Oct 12 (IANS) The United Arab Emirates (UAE) Sunday announced a series of steps to secure the country from the global financial crisis.

The cabinet, headed by Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed Bin Rashid AI Maktoum, Sunday approved a series of internal preventive steps and measures 'out of keenness to serve national interest, ensure continuity of economic growth and protect national economy', the state-run Emirates News agency (WAM) reported.

'We are determined to protect our financial and banking system out of keenness to preserve the interests of our country and people,' Sheikh Mohammed stated after the cabinet session.

Among these measures, the federal government will ensure that no UAE national bank will be exposed to credit risks, guarantee deposits and savings, guarantee all inter-bank lending operations between banks operating in the UAE and inject sufficient liquidity in the financial system if and when necessary.

UAE President Sheikh Khalifa Bin Zayed Al Nahyan confirmed that the UAE economy is strong and sound and that its banking system is solid and efficient.