The value of the surplus liquidity withdrawn by the UAE Central Bank from the local market was about 10.9 billion dirhams during the month of August of 2020.
According to the Emirates News Agency, the large volume of liquidity that was withdrawn from the market during the month of August reflects the extent of the cash surplus in the UAE banking system, which required the Central Bank to act to ensure its use In a way that serves the monetary policy in the countries and the national economy in general.
And in light of the Central Bank's return to withdraw liquidity from the market, the cumulative total of the balance of deposit certificates rose to the level of approximately 157 billion dirhams at the end of August of this year compared to 146.1 billion AED in the month of July of the same year.
Certificates of Deposit are considered one of the most important tools for managing monetary policy in the UAE, which the Central Bank undertakes to implement and aims to control the movement of cash in the local market.
It is noteworthy that, at the end of the first quarter of this year, the Central Bank pumped large liquidity into the banking system to meet the needs of the market before returning again to withdraw part of it from June. The past.
