UAE backs banks as Dubai fears spark local sell-off


The Central Bank of the United Arab Emirates on Sunday launched an emergency liquidity facility in a bid to shore up market sentiment bruised by news Dubai World, a state-owned enterprise, wants to delay debt payments.

The central bank pledged liquidity to all local and foreign banks at 50 basis points above the three-month Emirates interbank offered rate, the benchmark money-market rate, on the back of fears over lenders' exposures to Dubai World.

"The fear had been that depositors, taking frig

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