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

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

UAE Central Bank urges lenders to support SMEs and individuals as it disburses Dh10bn of zero interest loans. The UAE Central Bank urged lenders to support the private sector and individual borrowers to cushion the impact of Covid-19, and disbursed Dh10 billion worth of zero interest loans to banks from the Targeted Economic Support Scheme launched last month.. "We urge banks and financial institutions to act in the best interest of retail clients, private sector corporates and SMEs, which are the growth engine of our economy," governor Abdulhamid Saeed said on Sunday after his first meeting with chief executives of banks operating in the country since his appointment.. In addition to disbursing Dh10bn of the Dh50bn made available to lenders under TESS, the Central Bank also provided more than Dh61bn in the form of lowered cash reserve requirements that are to be used to support companies and customers adversely affected by the pandemic.. The aggregate value of all capital and liquidity measures adopted by the regulator under TESS amounts to Dh256bn.. The coronavirus outbreak 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