Home GCC UAE UAE says it is winding down pandemic stimulus as economy recovers The loan deferral component of the Targeted Economic Support Scheme will expire by the end of 2021 by Bloomberg September 26, 2021 The UAE has begun winding down an economic support programme launched in response to the coronavirus pandemic as the economy shows signs of gradual recovery, the central bank said in a statement. The reduced reserve requirements for banks won’t change for now and neither will the lower loan-to-value ratio required for first-time home buyers seeking mortgage loans, the bank said. The loan deferral component of the Targeted Economic Support Scheme will expire by the end of 2021 with financial institutions able to carry on tapping a collateralised Dhs50bn ($13.6bn) liquidity facility until the middle of 2022, in line with earlier guidance. Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout. Read: UAE Central Bank extends Targeted Economic Support Scheme until June 2021 Tags Banks Covid-19 Economy stimulus TESS UAE UAE Central Bank 0 Comments You might also like COP28: UAE launches landmark Waste to Zero Initiative President Putin visits UAE and Saudi Arabia, to meet Crown Prince Mohammed bin Salman COP28: Voluntary recycling credits initiative launched, first global standard to incentivise recycling COP28: UAE launches industrial decarbonisation roadmap