UAE Central Bank urges banks to support private sector corporates, SMEs

UAE Central Bank urges banks to support private sector corporates, SMEs

The Governor of the Central Bank of the UAE (CBUAE), Abdulhamid Saeed, held his first meeting with CEOs of banks operating in the country to emphasise the systemic significance of extending support to private sector companies and individuals affected by Covid-19 as part of the Targeted Economic Support Scheme (TESS).. The meeting comes as part of its ongoing mandate to safeguard financial stability in the UAE.At the meeting, the banks' CEOs endorsed the exceptional measures taken by the CBUAE in a very short time span and welcomed the efforts of the Central Bank of the UAE to support the banking sector and the national economy from the impact of the spread of Covid-19 and expressed their willingness to participate in the TESS.. , banks' CEOs confirmed to the CBUAE their decision to avail the benefits of TESS.. to be deployed to directly benefit companies and consumers who have been adversely impacted by the pandemic.. The Central Bank encourages all Boards and Management of Banks to accelerate their confirmation to implement TESS measures as soon as possible.. From our side, CBUAE will be reaching out to the banks during the coming days to better understand how they plan to serve the