UAE banks avail Dhs44.72bn of TESS liquidity scheme by end July

UAE banks avail Dhs44.72bn of TESS liquidity scheme by end July

Upto Dhs44.72bn of the Dhs50bn liquidity facility, part of Targeted Economic Support Scheme(TESS), has been drawn by UAE lenders until the end of July, the Central Bank of the UAE (CBUAE) confirmed.

On March 15, the CBUAE announced the Dhs100bn TESS stimulus package, which included Dhs50bn of zero-interest, collateralised loans for UAE-based banks and also Dhs50bn funds freed up from banks' capital buffers. The scheme was to help mitigate the fallout of the Covid-19 pandemic and to prop up the economy.

Read: UAE Central Bank announces Dhs100bn package to counter Covid-19

Participating banks should use the funding to offer temporary relief to private sector and retail customers for a period of up to six months.

A total of Dhs44.38bn has been drawn down until end June, Dhs42.33bn until end of May and Dhs31.85bn by