The Central Bank of the United Arab Emirates lent dollars on Monday 10 March after expectations that the authorities would revalue the dirham's peg against the greenback led to a currency shortfall. Media reports have also said that the central bank is looking at abandoning the peg altogether.
The central bank said on Monday that it would lend up to $200 million per day to banks. Central bank certificates of deposit are the only eligible collateral for the loans. The cost of borrowing was 3.2
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