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UAE Central Bank Extends Economic Support Plan
The UAE Central Bank has announced the extension of measures taken for the recovery of the economy during the pandemic.
Several of the measures included in the comprehensive economic support plan has been extended to help the national economy.
As per the announcement released by the UAE Central Bank, precautionary measures on capital reserve requirements, liquidity and funding sources for banks will be extended for another six months.
A temporary reduction of the capital maintenance margin and capital reserve of local banks will be included under the capital reserve measures. A temporary prudential reduction in the liquidity coverage ratio, ratio of eligible liquid assets and ratio of net stable funding among other measures are included under the liquidity control measures.
The prediction of the Central Bank stated that all the banks operating within the country will be able to recover in a sustained manner under this economic plan until June 2022.
