CBUAE helps UAE to recover from the pandemic

 

CBUAE measures helps the  UAE economy as it the main reason in  accelerated pandemic recovery which A great work from The Central Bank of the UAE to support the financial system which helped the UAE economy from the impact of the Covid-19 pandemic and recover from it  

Speaking at a press conference on Sunday, the first since the restrictions of the Covid-19 pandemic, he addressed a number of topics related to the post-pandemic recovery and growth of the UAE banking sector. These included the banking sector’s achievements during and post-Covid-19, progress made by UAE banks on the Emiratisation process, collective efforts by UBF members to achieve the goals set out in the government’s ‘Projects of the 50’ initiative, impact of Expo 2020 on the banking industry, and expectations for the UAE banking sector’s performance in the second half of 2021.

AbdulAziz Al-Ghurair said that, in total, the UAE dedicated a support package reaching Dh400 billion, of which the CBUAE gave banks a total relief package that exceeded Dh250 billion. “In particular, the Dh100 billion Zero Cost Facility benefited both individuals and businesses and facilitated liquidity management for banks through collateralised funding at zero cost. To date, the TESS loan deferral program made by CBUAE benefited hundreds of thousands of retail customers, tens of thousands of SMEs, and thousands of private sector companies.”