Prudential relief measures regarding banks’ capital buffers and liquidity and stable funding requirements will be extended by six months
The loan deferral component of the Targeted Economic Support Scheme will expire by the end of 2021
A Dhs100bn Targeted Economic Support Scheme initiative was launched by the CBUAE in March 2020
The UAE has rolled out economic support packages worth more than Dh388bn to mitigate the impact of the pandemic
This move came after the central bank met the market needs for liquidity over the previous months
The directive will encourage banks to strengthen the TESS scheme and support customers in overcoming the impact of the pandemic
More than 140,000 eligible customers have already benefited from the TESS liquidity facility
Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19