Dubai ruler pumps 19 billion dollars into banking sector
Amid the global financial crisis, Dubai ruler Sheikh Mohamed bin Rashid al-Maktoum ordered a further 19 billion dollars to be pumped into the national banking sector to boost liquidity, the Emirates news agency WAM reported on Tuesday.
The decision raised the amount of money that has been pumped into the banking sector to 32.7 billion dollars over the last month, reproted dpa.
The UAE Central bank, along with the Ministry of Finance, are to inject the money into the national banking sector.
Al-Maktoum ordered the establishment of a committee comprised of officials from the finance and economics ministries and from the Central Bank. The committee's role will be to carry out Cabinet decisions as well as to follow up the progress of the money injections into the banking sector.