Dubai
UAE monetary authorities further eased liquidity measures for the country’s banks, enabling them to free up more cash to lend to companies and individuals affected by the coronavirus pandemic.
The UAE government in March launched the $69.707 billion Targeted Economic Support Scheme (TESS), which includes $13.615 billion provided by the central bank via collateralized loans at zero cost to all banks operating in the country. Monetary authorities are “reviewing the existing thresholds of two prudential ratios: the Net Stable Funding Ratio (NSFR) and the Advances to Stable Resources Ratio (ASRR) by temporarily relaxing the requirements for the structural liquidity position of banks,” a statement from the UAE Central Bank said, as reported by state news agency WAM.
“This step comes as an additional measure encouraging banks to strengthen the implementation of the TESS and support their impacted customers in overcoming the repercussions of COVID-19 pandemic, the statement added.—Arab News
