The last time there was a substantial taxi fare increase was back in July 2022, following a series fuel price hikes
transport1 hour ago
The Central Bank of the UAE (CBUAE) on Tuesday extended integral parts of its Targeted Economic Support Scheme (Tess) until mid-2022 to help individuals and private sector companies overcome the impact of the Covid-19 pandemic.
ALSO READ:
The regulator said financial institutions would continue to be eligible to access the collateralised Dh50 billion zero-cost liquidity facility up to June 30, 2022, to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporate entities affected by Covid-19 repercussions.
The CBUAE’s financing for loan deferrals under the stimulus package will also be extended until the end of this financial year. The outstanding financing for the Tess deferrals shall be fully phased out by December 31, 2021.
While the pandemic affected the economy, both in the UAE and globally, the CBUAE expects financial institutions to prioritise lending through the Tess to the most negatively affected sectors, businesses, and households, contributing to a balanced revival of the UAE’s diversified economy.
“The extension of the Tess shall allow continued support by the financial system to the sectors negatively affected by the Covid-19 pandemic. This is done to support the recovery phase, in line with the Central Bank’s mandate to ensure financial and monetary stability,” said Khaled Mohamed Balama, Governor, CBUAE.
waheedabbas@khaleejtimes.com
The last time there was a substantial taxi fare increase was back in July 2022, following a series fuel price hikes
transport1 hour ago
Middle-East grown interiors brand opens two new store locations
business1 hour ago
The country repeatedly urges residents to refrain from owning wild or exotic animals, and imposing hefty fines of up to Dh500,000 for violators
uae2 hours ago
Amid the ongoing crises of their own making, Kane keeps scoring to bail the club out
football2 hours ago
The winner leaves the Montgomerie in a hurry due to work obligations after shooting a tournament-winning 43 Stableford points
sports2 hours ago
The record 14-time winners snatched a 2-2 draw in the first leg of the semifinal clash in Munich with Vinicius Junior scoring a brace
football2 hours ago
Residents noted that the fire was of such magnitude that it took several hours to extinguish
uae2 hours ago
Digital bank by Emirates NBD to incubate digital asset innovations
business2 hours ago