By Amr Adel

Dubai – Mubasher: The United Arab Emirates is not having any plans currently to issue sukuk or bonds, Central Bank of the UAE Governor Mubarak Rashid Al Mansouri said on Monday.

“However, like any other country, the UAE may tap the global debt market if it needs to,” he added.

Al Mansouri also denied issuing instructions to banks imposing lending restrictions or tightening the award of loans.

During a conference held in Dubai today, the Governor indicated that there is a state tendency to support lending, adding that the UAE banks are continuing with their lending activities without having any reservations while focusing on the type of credit.

Al Mansouri expected credit growth to continue further in 2016, saying such growth depends on the way the government and companies would set their budgets for the year.

He also stressed that liquidity levels in the local banking sector are at ‘solid’ levels that reached 14% of total bank assets.

Al Mansouri also ruled out having an intention to remove the dirham peg to the U.S. dollar.

Translated by Sayed Abdel Rahman