UAE central bank starts gradual curb of COVID-19 stimulus measures | Reuters
The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.
The bank launched a Targeted Economic Support Scheme (TESS) to help banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liquidity buffers.
"In view of the gradual increase in economic activity, the CBUAE is starting a gradual and well-calibrated withdrawal of its Targeted Economic Support Scheme to avoid restricting credit supply and economic growth", it said in a statement.
It said 15% of UAE banks' loan portfolios had benefited from a loan deferral programme that is part of the scheme.
No comments:
Post a Comment