The UAE’s central bank set up new additional liquidity facility for commercial banks, it said on Sunday.

'Central Bank has issued a notice to UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the central bank, at the rate of 50 basis points above the three months Eibor (Emirates interbank offered rate),' it said in a statement.

The central bank also said it stood behind UAE banks and branches of foreign banks, adding the Gulf Arab country's banking system was more sound and liquid than a year ago. – Reuters