UAE: Central Bank to extend economic support
The UAE Central Bank on Saturday extended some of its support measures announced during the Covid-19 pandemic for another six months to boost new lending and financing and also expedite the economic recovery.
The regulator extended banks’ capital buffers and liquidity and stable funding requirements until June 30, 2022, under the Targeted Economic Support Scheme (Tess) to aid balance and sustained recovery in the banking sector and as well the overall economy of the country.
The capital buffer measures include temporary lowering of the capital conservation buffer and the capital buffer for “systemically-important” domestic banks. While liquidity measures cover temporary prudential relief on the liquidity coverage ratio, eligible liquid assets ratio, net stable funding ratio and advances to stable resources ratio.
