As a thermostatic shower mixer, Jaquar Qloud offers perfect regulation over temperature, water flow volume, and shower mode selection
The Central Bank of the UAE (CBUAE) on Thursday announced a new liquidity management facility (ILF), which will be introduced as part of the implementation plan of the new Dirham Monetary Framework.
The facility will provide eligible counterparties — participants in the UAE Funds Transfer System — access to dirham funding from the CBUAE on an intraday basis to ensure that payments are settled on a real-time basis.
The new system will come into effect on April 21.
To obtain intraday funds from the CBUAE, participants in the UAE Funds Transfer System are required to submit eligible collateral, as per the requirements set out in the terms and conditions of the new facility.
The ILF will be offered at zero cost in order to incentivise eligible counterparties to repay borrowed funds by the designated cut-off time at the end of each working day.
“The launch of the Monetary Bills programme earlier this year, along with the existing Islamic Certificates of Deposits programme, facilitates the development of this innovative facility,” said Khaled Mohamed Balama, Governor of the CBUAE.
"I’m confident that the financial markets infrastructure deployed for this facility will not only enable licensed financial institutions to mitigate intraday liquidity risks when there are timing mismatches between their daily inflows and outflows, but also help increasing efficiency of payments through the UAE Funds Transfer System," he added.
waheedabbas@khaleejtimes.com
As a thermostatic shower mixer, Jaquar Qloud offers perfect regulation over temperature, water flow volume, and shower mode selection
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