UAE Central Bank extends economic support measures until June 30

The Central Bank of the United Arab Emirates has extended several measures of its Targeted Economic Support Scheme (TESS) until June 30 help continued recovery of the nation’s economy.

Prudential relief measures regarding banks’ capital buffers and liquidity and stable funding requirements will be extended by six months, the central bank said in a statement. More specifically, the capital buffer measures include temporary lowering of the capital conservation buffer, and the capital buffer for systemically-important domestic banks.

Liquidity measures consist of temporary prudential relief on the liquidity coverage ratio, eligible liquid assets ratio, net stable funding ratio, and advances to stable resources ratio, according to the statement.