This came during the meeting of the Governor of the Central Bank of the Emirates, which was held on April 12, with the chief executives of banks to follow up the implementation of the comprehensive economic support plan.
During the validity period of the support program that runs until the end of 2020, banks must postpone the installments and interest loans of their clients affected by the repercussions of the Covid-19 epidemic, from individuals, private sector companies and small and medium enterprises.
The support plan includes liquidity facilities valued at 50 billion dirhams granted by the central bank to banks so that eligible clients can postpone their installments as per their request.
Abdul Hameed Saeed, Governor of the Emirates Central Bank, said: “The banks have used more than 30% of the funding granted to them within the comprehensive economic support plan facilities directed to provide the necessary support to customers affected by the consequences of the Covid-19 epidemic.”
He stressed the continuation of communication with all banks and finance companies to accelerate the use of the support plan, which requires continuous cooperation and intensify the efforts of all banks to implement economic stimulus packages that are in the interest of the banking sector and the national economy.
The UAE Central Bank urged banks to process more requests from individuals, institutions and small and medium-sized companies whose businesses have been affected by the repercussions of the Covid 19 pandemic.
The facilities of the support plan will contribute to strengthening the national economy, with a total value of 256 billion dirhams for all measures taken by the central bank related to capital and liquidity.
The Central Bank expects all banks to participate fully in the support plan that will work effectively to reduce the effects of the consequences of the Covid-19 epidemic on the local economy and provide all necessary means for the financial sector to enable it to finance activities and other economic sectors.
The central bank will also start announcing the details of each bank in using the support plan facilities as of May 2020.
On April 4 this year, the Emirates Central Bank announced further measures to support the UAE economy, bringing the total value of capital and liquidity measures in the UAE that it had approved since March 14, 2020 to 256 billion dirhams ($ 69.70 billion).