UAE Central Bank extends Targeted Economic Support Scheme until June 2021

SourceGulf Business
SectorFinancial Services

The Central Bank of the UAE (CBUAE) will extend the validity of key components of its economic stimulus package called the Targeted Economic Support Scheme (TESS) until June 30, 2021. The CBUAE will extend the duration of the Zero Cost Facility (ZCF) of Dhs50bn, which benefits retail and corporate banking customers and facilitates liquidity management for banks through collateralised funding at zero cost, for an additional period of six months, reported news agency WAM. Hence, starting January 1, 2021, banks and finance companies participating in the TESS will be able to provide new loans and facilities to customers affected by the pandemic. “The Central Bank remains committed to supporting the financial system of the UAE by taking the required measures to accelerate economic recovery from Covid-19 repercussions. The extension of applicability period more...