U.A.E. Pledges $27 Billion to Support Banks, Affirms Dirham Peg
- Date: 14-Mar-2020
- Source: Bloomberg
- Sector:Financial Services
- Country:UAE
U.A.E. Pledges $27 Billion to Support Banks, Affirms Dirham Peg
Pledges $27 Billion to Support Banks, Affirms Dirham Peg. The United Arab Emirate's central bank affirmed the dirham's peg to the dollar and rolled out a $100 -billion dirham ( $27 billion ) package of measures to support its banks as the Gulf Arab state seeks to mitigate the economic impact of the coronavirus.. The Targeted Economic Support Scheme includes a 50-billion dirham aid package for banks in the country through collateralized, zero-interest loans.. The central bank says the measures, effective immediately, are aimed at protecting corporate and retail customers affected by the virus..