UAE extends coronavirus stimulus package for six months to end-June 2021

SourceArabian Business

The Central Bank of the UAE (CBUAE) on Monday announced the extension of its economic stimulus package - the Targeted Economic Support Scheme (TESS) - by six months until the end of June next year. The scheme was launched by the CBUAE in March to support the UAE’s economy during the Covid-19 pandemic, through a range of integrated relief measures to the banking sector related to funding, liquidity, lending and capital. Targeted Economic Support Scheme could be expanded as the UAE economy continues to be hit hard by the impact of the pandemic Under this extension, the CBUAE will extend the duration of the zero cost facility (ZCF) of AED50 billion ($13.5 billion), which benefits retail and corporate banking customers and facilitates liquidity management for banks through collateralised funding at zero cost, for more...