UAE - Mubasher: The Central Bank of the UAE (CBUAE) has withdrawn around AED 34.15 billion excess liquidity from the market during the first five months of 2020, according to the Emirates News Agency (WAM).

The excess liquidity withdrawn from the market increased by 55.2% in the January-May period, compared to AED 22 billion in 2019, as shown by the latest statistics by the CBUAE.

Therefore, the CBUAE's certificates of deposits rose to AED 194.33 billion by the end of May.

In the recent period, the UAE banks' liquidity rose after the central bank announced a comprehensive economic support plan at a total value of AED 50 billion amid coronavirus (COVID-19).

It is noteworthy to mention that a total of 26 banks in the UAE have benefitted from the plan by withdrawing 88% of the total amount, equivalent to AED 44 billion.