UAE central bank takes new anti-coronavirus steps, bringing stimulus to $70 billion - Reuters:
The United Arab Emirates’ central bank said on Sunday it had reduced banks’ reserve requirements for demand deposits by 50% to support the country’s economy during the COVID-19 pandemic.
The aggregate value of all capital and liquidity measures adopted by the central bank since March 14 is 256 billion dirhams ($69.70 billion), the Central Bank of the United Arab Emirates (CBUAE) said in a statement.
The bank halved the reserves requirements for demand deposits for all banks to 7% from 14%, which it said will inject about 61 billion dirhams of liquidity to support banks’ lending and liquidity management.
The central bank also extended the duration of a previously announced stimulus package for affected retail businesses and corporates.
No comments:
Post a Comment