Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – The UAE Central Bank on Sunday (April 5) announced a Dh256-billion stimulus package to allow banks and financial institutions to give debt relief to customers until December 31, 2020.
This follows a previous announcement by the Central Bank of a Dh100 billion package allowing banks to grant up to six months of loan payment deferrals for their retail and business customers.
The Central Bank also cut to half the demand deposit of all banks to seven percent in order to increase liquidity in banking sector and mitigate the impact of coronavirus.
With Dh256-billion stimulus package, Dh50 billion will go to capital buffer relief for banks, Dh50 billion to extend finance at zero cost, Dh95 billion for market liquidity and Dh61 billion to reduce cash reserve requirements.
The Central Bank also extended a zero-cost funding facility of Dh50 billion available to banks from mid-September to December 31, 2020.
“The Central Bank expects banks and finance companies to make active use of the Tess facility, for the benefit of their customers and the UAE economy, said Abdulhamid Saeed, Governor of the Central Bank of the UAE. ICA/Expat Media
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