The UAE Central Bank revealed this week that there have been no unusual developments with regard to banking in the region following the commencement of the US-led war against Iraq.
Following a meeting of the board of directors on Tuesday, the Central Bank announced that:
'Banking and finance business is going normally...there are no significant developments, whether in terms of transactions or local banks within the GCC region or in terms of international transactions.'
Meanwhile, in Saudi Arabia this week, Hamad Al Sayyari, governor of the Saudi Arabian Monetary Authority (SAMA) denied rumours of capital flight as a result of the invasion of Iraq.
'There are no indications at all in this regard...banks have enough liquidity and this reflects their strong financial position...the economic indications are also good,' he told the regional press.
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