Business | Banking
UAE Cabinet guarantees bank deposits for three years
UAE cabinet decision to guarantee banking deposits to last three years and cover foreign banks
- WAM
- Published: 10:08 October 13, 2008
- Image Credit: Ahmed Ramzan/Gulf News
- The UAE economy and its banking sector got the ultimate confidence boost on Sunday with the Cabinet decision.
Abu Dhabi: The decision taken by the Federal Cabinet to guarantee banking deposits will last for three years, a source at the Ministry of Finance said on Monday.
In a statement to Emirates News Agency, the source added that the guarantee of deposits in the national banks would also include foreign banks which have significant operations in the UAE.
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