اتمنى من كبار المحللين والمشرفين كتابه ارائهم حول وضع المؤشر العام
وهل ستتفاعل السوق وقتيا مع قرار بوش بالموافقه الى دعم السوق
بما ان الجميع يتوقع ارتباط السوق السعودي مع الاماراتي فمن خلال مرئياتي لسوق السعودي انه سيهبط دون قاعه 6767
اول بدايه لطفره الاسواق الخليجيه بداها السوق الاماراتي اخر عام 2002 وتبعها بعد سته اشهر السوق السعودي
وانهار السوق الاماراتي منتصف 2005 وبعده بسته اشهر انهار السوق السعودي
واللبيب بالاشاره يفهم
سنزوره (رايح جاى)
The United Arab Emirates’ central bank has unveiled details of a proposed Dh50bn liquidity injection aimed at bringing down the effective cost of funding for domestic banks in the money market.
A global credit crunch and a domestic liquidity squeeze have caused a mismatch between credit growth and deposit-building. These have combined to send the Emirates interbank offered rate above the central bank’s benchmark 2 per cent interest rate.
Effective from Thursday, banks can borrow from the central bank up to their reserve requirements, at the cost of the repo rate plus 300 basis points, or 5 per cent in total. Banks can also borrow in excess of their required reserves at a penalty rate of 500 basis points above the repo rate.
The central bank, which enforces a reserve requirement of 14 per cent on current account deposits and 1 per cent on savings accounts, said it would temporarily abolish a six-day rule for overdrafts held with it.
“The details of the new measure show that the central bank remains resolved at providing temporary liquidity to the banking system, while keeping the growth rate of monetary aggregates on track,” Neena Sapra, an economist at JPMorgan Chase & Co, said in an emailed research note.
The authorities also said banks can repo their holdings of certificates of deposits which have at least 14 days to maturity at the repo rate, according to Standard Chartered Bank.
The drought on international debt markets has forced UAE banks to turn to domestic money markets for funding to bridge the gap between their deposits and lending, causing interbank rates to jump 156 basis points from June to 3.3 per cent in mid-September, according to Samba, the Saudi Arabian bank.
The central bank is keen to rein in credit growth in the emirates, but is concerned that the dearth of available liquidity may cause lending to judder to a halt, and endanger economic growth.
While the central bank has made up to Dh50bn available for local banks, approximately $30bn has left the country in recent months as international banks have withdrawn speculative bets on a currency revaluation in the Gulf state.
According to Giyas Gokkent, an economist at National Bank of Abu Dhabi, there is a stigma attached to tapping the central bank’s credit facility, as it may imply weakness. No bank has publicly availed itself of the facility.
Mr Gokkent said the central bank may also cut reserve requirements to ease restrictions on bank lending.
In the equity markets, Dubai’s stock market rose 1.9 per cent, recovering some of its losses this week, and its neighbour Abu Dhabi recovered from an earlier loss to post a 0.7 per cent advance, according to Zawya Dow Jones, a regional data provider.
Qatar’s equity market fell 2.1 per cent, and Kuwait, the region’s second biggest stock exchange, declined 1.7 per cent, after being the Gulf’s only gainer on Wednesday. Saudi Arabia’s Tadawul All-Shares Index, the largest equity market in the Gulf, is closed for the weekend.
Some traders attributed the declines in regional equities to investors exiting ahead of the Eid holiday in the Middle East, when markets are closed.