UAE says funds flow “normal” despite Gulf diplomatic crisis

June 7, 2017 2:30 PM

flag uaeDUBAI, June 7 (Xinhua) — The United Arab Emirates’ (UAE) central bank in Abu Dhabi said on Wednesday that payments and remittances remain normal, reported the UAE’s state news agency WAM.

The report also added that the UAE’s financial system was in a position to support it.
“In the light of recent regional developments, it will continue to monitor the situation closely and take the necessary steps to maintain stability,” the bank said in a statement, referring to the Qatar Crisis, also known as the Gulf Crisis.

This comes following the announcement by the UAE, Saudi Arabia, Bahrain and Egypt on Monday to cut off all relations with Qatar, accusing it of supporting terrorism and destabilizing regional security and stability as well as interfering in their internal affairs.

After two days of heavy losses, Gulf Arab stock markets displayed a mixed performance on Wednesday, with the UAE’s Dubai financial market rebounding by 2.48 percent at the closing, while the Qatar Exchange dipped by 0.70 percent before the closing bell rang.


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