ABU DHABI, The Central Bank of the UAE has withdrawn AED34.15 billion out of excess liquidity in the market during the first five months of 2020 after it met the market needs for cash during the period.

The move fits within the CBUAE’s mandate to direct the country’s credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government’s general plan in a way that ultimately strengthens the domestic economy and assures financial stability.

According to the apex bank’s figures, the value of excess liquidity withdrawn from the market during the period from January till the end of May 2020 is 55.2 percent more than the total cash withdrawn across 2019, which stood at AED22 bn.

Back to the first half of the year, the Central Bank’s total balance of certificates increased to around AED164 bn in February. In March, it declined to AED144.58 bn before jumping to AED198.77 bn in April and steadied at AED194.33 bn in May.

 

Source: Emirates News Agency