Covid-19: UAE banks obtain Dh10b at zero interest from Central Bank

Covid-19: UAE banks obtain Dh10b at zero interest from Central Bank

The regulator urged banks to support private sector corporates, SMEs and individuals to mitigate the effects of Covid-19.. The UAE Central Bank on Monday said that Dh71 billion has been provided to local banks in the form of zero interest funding and lowered cash reserve requirements to combat with the impact of coronavirus.. Under the Targeted Economic Support Scheme (Tess) announced on March 14, Dh10 billion has been given to banks in the form of zero interest funding and Dh61 billion to support cash reserve requirements.A total of Dh50 billion funds were made available by the regulator to local banks under Tess at zero cost to extend finance to individuals and SMEs.. The regulator urged banks to support private sector corporates, small and medium businesses and individuals to mitigate the effects of Covid-19The regulator asked those banks who have not confirmed their participation in the Tess to do it at the earliest to safeguard the businesses and economy against the impact of coronavirus.". 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.. Banks who have to confirm their participation in the