UAE central bank asks local banks about exposure to Turkey

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UAE Central Bank governor Sultan Bin Nasser Al Suwaidi.

UAE Central Bank governor Sultan Bin Nasser Al Suwaidi.

The central bank of the United Arab Emirates has asked commercial banks in the country to provide details of their financial exposure to Turkey by Tuesday, two bankers said on Monday.

In a brief circular, the central bank said its aim was to review and study local banks' exposure to Turkey, the bankers said, declining to be named because they were not authorised to speak publicly to media.

A central bank spokesman declined to comment. In the last couple of months, Turkish financial markets have been hit hard by a sliding lira exchange rate and rising yields.

The UAE's financial ties to Turkey have expanded in recent years. But UAE banks are very well capitalised by international standards - some have capital adequacy ratios near 20 percent of risk-weighted assets - so any trouble in Turkey appears unlikely to pose a major threat to them.

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