UAE launches emergency facility

The Central Bank of the United Arab Emirates on Monday became the latest monetary institution to inject funds to alleviate interbank tensions, pledging Dh50 billion ($13.6 billion).

The central bank did not specify the terms of the operation, but said that it "expects these funds would meet banks needs for supporting continued financing of economic growth."

The move follows a surge in unsecured borrowing costs in the Emirates. The interbank rate for three-month dirham-denominated loans stood a