UAE creates swap lines for local banks

The Central Bank of the United Arab Emirates (UAE) is to provide currency-swap facilities for the UAE dirham and the US dollar to local banks in a bid to inject more liquidity into the country's banking system.

The move is the latest in a series of initiatives aimed at improving liquidity in the country's banking system, which has deteriorated since the collapse of Lehman Brothers, an American investment bank, in September.

The swap facilities will enable the central bank to buy dollars against

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