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PHOTO BY ARCHIVE
DUBAI – The UAE Central Bank has launched a Dh100 billion economic scheme to help banks and their customers get economic support during the coronavirus or Covid-19 crisis.
The Central Bank said the Targeted Economic Support Scheme will allocate funding to banks that should use the money to grant temporary relief of up to six months to their private sector corporate customers and retail clients.
According to the Central Bank, the scheme will help both banks and their customers deal with the economic effects of Covid-19 by offering zero-cost funding to financial institutions, which in turn will offer loan repayment relief to their retail customers.
The Central Bank said that the Targeted Economic Support Scheme will be implemented immediately “in an effort to support the economy and protect consumers”.
For first-time home buyers, the Central Bank is increasing by 5 percent the amount that home buyers can apply as mortgage so they don’t have a high down payment when buying a home for the first time.
The authority is also adopting new rules to cut fees incurred by merchants when their customers pay by debit or credit card. DAJ/Expat Media
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