UAE Central Bank urges bank CEOs to support SMEs and individuals as it disburses Dh10bn of zero interest loans – The National

UAE Central Bank urges bank CEOs to support SMEs and individuals as it disburses Dh10bn of zero interest loans – The National

UAE Central Bank urges bank chiefs to support SMEs and individuals as it disburses Dh10bn of zero interest loans. The Central Bank of the UAE's governor met with chief executives of lenders in the country and urged them to support private sector companies and individuals to cushion the impact of Covid-19 as the regulator disbursed Dh10 billion of zero interest loans to banks from the Targeted Economic Support Scheme rolled out last month.. In addition to disbursing Dh10bn of Dh50bn made available to lenders under the TESS, the central bank has also provided over Dh61bn in the form of lowered cash reserve requirements, which are to be used to support companies and consumers who have been adversely impacted by the coronavirus pandemic.. The aggregate value of all capital and liquidity measures adopted by the CBUAE under the TESS amounts to D256bn.. The coronavirus pandemic is the biggest challenge to the global economy since the 2008 financial crisis and has brought the world economy to a halt.. Mr Saeed "stressed the importance of banks' steadfast commitment to making active use of the TESS and utilising the scheme to the full extent, for the benefit of corporates, individuals and the economy "