UAE Central Bank to increase financial aid to lenders

2021-12-19 01:53:19

(MENAFN) The Central Bank of the UAE is increasing funding procedures intended at aiding lenders alleviate the impacts of the coronavirus pandemic by six months until mid-next year to fund the nation's sustained economic rebound.

According to the banking regulator statement on Saturday, aid procedures linked to banks' capital buffers, liquidity as well as steady financing necessities are going to be prolonged until June 30 for all lenders working in the UAE. The procedures are part of the directed economic support scheme (Tess) program that it launched at the beginning of the virus last year.

Based on governor of the Central Bank of UAE, Khaled Balama, "as the recovery is gaining momentum, the CBUAE has adjusted the TESS, replacing measures designed to mitigate the immediate negative effects of the pandemic with targeted steps to support the economic recovery," and added "the Tess program has proven its effectiveness in supporting the UAE financial system and economy throughout the pandemic."

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