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UAE central bank to launch overnight deposit facility

Reuters

DUBAI (Reuters) - The United Arab Emirates Central Bank will introduce a new overnight deposit facility as of July 12, it said on Monday.

The facility will allow conventional banks operating in the country to deposit their surplus liquidity at the central bank on an overnight basis.

The facility will be "the prime facility for managing surplus liquidity in the UAE banking sector prior to the launch of the Monetary Bills Program and shall replace issuance of one-week Certificate of Deposits," it said.

(Reporting by Davide Barbuscia; Editing by Catherine Evans)