UBF Chairman hosts video press conference to discuss effects of COVID-19 on banking sector
H.E. AbdulAziz Al Ghurair confident that government and Central Bank of the UAE measures are sufficient to help economy navigate through difficulties
UAE, 12 April 2020: His Excellency AbdulAziz Al Ghurair, Chairman of UAE Banks Federation (UBF), today held a video press conference to discuss the effects of COVID-19 on the banking sector, and the measures being taken to mitigate its impact on the economy.
His Excellency AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “Since this crisis emerged, the government has been working around the clock to introduce measures that will mitigate the impact of COVID-19 and safeguard our communities. These measure will provide significant relief to the people and businesses that are under stress, and have a positive, far-reaching impact on various sectors that underpin the economy. This is a collective effort and the situation is under constant review, and if we need to implement more measures down the line then we will. Rest assured we will overcome these unprecedented circumstances, and will once more prove our resilience to overcome these hurdles and secure the future of this country.”
Key Highlights:
• The UAE banking sector is liquid and well-capitalized, and prepared to weather any challenges that lie ahead
• Dhs 256 billion stimulus package has been released
• Dhs 50 billion of stimulus package is exclusively for commercial companies and individuals
• Banks must use their excess capital buffers (Dhs 50 billion) to avail higher liquidity from stimulus package
• The stimulus package is sufficient and is constantly under review
