ABU DHABI, 25th June 2016 (WAM) – The Central Bank of the UAE stated that due to limited interconnectedness between the UAE and the UK financial systems, there are only few channels through which uncertainty about future UK and EU relations could affect the UAE financial institutions.

Banks based in the UAE do not depend on foreign interbank markets to fund their balance sheets, with their consolidated net foreign interbank position being positive.

In line with all major central banks, the Central Bank of the UAE will continue to monitor developments due to the unfolding economic implications of the vote and in particular developments that could impact the UAE economy.

WAM/bashir