#UAE central bank extends some stimulus measures until mid-2022 | Reuters

UAE central bank extends some stimulus measures until mid-2022 | Reuters

The United Arab Emirates central bank said on Tuesday it has extended until mid-2022 some stimulus measures introduced last year to mitigate the impact of the coronavirus crisis on the economy.

The Targeted Economic Support Scheme (TESS) helps banks provide temporary relief to companies and individuals affected by the COVID-19 pandemic and facilitates additional lending capacity through the relief of existing capital and liquidity buffers.

Banks will continue to be eligible to access a collateralised 50 billion dirham ($13.61 billion) zero-cost liquidity facility until June 30 next year, the central bank (CBUAE) said in a statement on Tuesday.

Financing provided by the bank for loan deferrals under the TESS scheme will be extended until the end of this year.