iPhone | iPad
Android
Huawei
His case was considered a milestone for #MeToo, in which women accused hundreds in entertainment, media, politics and other fields of sexual misconduct
KT APPDOWNLOAD
Combating coronavirus: UAE banks obtain Dh10b at zero interest from Central Bank
Dubai - The regulator urged banks to support private sector corporates, SMEs and individuals to mitigate the effects of Covid-19.
Under the Targeted Economic Support Scheme (Tess) announced on March 14, Dh10 billion has been given to banks in the form of zero interest funding and Dh61 billion to support cash reserve requirements.
A total of Dh50 billion funds were made available by the regulator to local banks under Tess at zero cost to extend finance to individuals and SMEs.
The regulator urged banks to support private sector corporates, small and medium businesses and individuals to mitigate the effects of Covid-19
The regulator asked those banks who have not yet confirmed their participation in the Tess to do it at the earliest to safeguard the businesses and economy against the impact of coronavirus.
"We urge banks and financial institutions to act in the best interest of retail clients, private sector corporates and SMEs, which are the growth engine of our economy. Banks who have yet to confirm their participation in the Tess are called upon to do so at the earliest, to protect our economy," Abdulhamid Saeed, governor of the Central Bank.
The Central Bank earlier this month doubled the size of its stimulus package to Dh256 billion in order to support banks with liquidity and help businesses and individuals through different measures.
Abdulhamid Saeed, governor of the Central Bank, held a meeting with the senior officials local banks and encouraged them to accelerate their confirmation to implement stimulus measures as soon as possible.
The Central Bank will also be reaching out to the banks during the coming days to better understand how they plan to serve the objectives of Tess and help their customers to cope with the consequences of Covid-19 pandemic.
"It is encouraging to see that banks operating in the UAE are drawing upon the Targeted Economic Support Scheme to support the liquidity needs of their customers, as we aim to cushion the economic impact of the pandemic on companies as well as individuals," said Abdulhamid Saeed.
-waheedabbas@khaleejtimes.com
More news from
Well-known communication expert Maha Abouelenein on what it takes to thrive in the age of social media
From cultural events, and culinary delights to outdoor adventures, here's a line-up of thrilling activities to make your weekend exciting
'The rom-com garnered $219 million worldwide after its premiere in December
The guitar will be auctioned on May 29 at the Hard Rock Cafe in New York
Fitness enthusiast Sarah Lindsay shares insights on what it takes to embark on a fitness journey and sustain it amidst a busy lifestyle
Such platforms help women to re-enter the workforce by equipping them with new-age skills, upskilling, polishing their interviewing skills and revamping their resumes
Official autism-friendly in-flight certification is in the works, possibly used by other airlines
