UAE central bank to extend some support measures until June 2022
The Central Bank of the UAE is extending support measures aimed at helping lenders mitigate the effects of the Covid-19 pandemic by six months until mid-2022 to back the country’s continued economic recovery.
Relief measures related to banks’ capital buffers, liquidity and stable funding requirements will be extended until June 30 for all lenders operating in the UAE, the banking regulator said in a statement on Saturday. The measures are part of the targeted economic support scheme (Tess) programme that it introduced at the start of the pandemic in 2020.
“As the recovery is gaining momentum, the CBUAE has adjusted the TESS, replacing measures designed to mitigate the immediate negative effects of the pandemic with targeted steps to support the economic recovery,” Khaled Balama, governor of the Central Bank of UAE, said. “The Tess programme has proven its effectiveness in supporting the UAE financial system and economy throughout the…
