UAE Central Bank doubles stimulus package, extends debt relief to customers till 2020-end
Commenting on the Central Bank of the UAE’s announcement to raise the value of the economic stimulus package to AED 256 billion, His Excellency AbdulAziz Al Ghurair, Chairman of UAE Banks Federation (UBF), stated that the move will further mitigate the impact of the Covid-19 pandemic on the UAE economy. By increasing liquidity in the banking sector, it will provide further stability in these uncertain times, and allow banks to offer additional lending and support to critical sectors of the economy. His Excellency said: “To help the country navigate through the temporary difficulties we are facing, UBF, in coordination with the Central Bank of the UAE and its member banks, remains committed to supporting businesses, and advancing economic development and sustainability. Furthermore, the move reaffirms the leading role of the Central Bank of the UAE, and its position as a key pillar in the UAE economy.”
