UAE central bank extends $13.6bn support measure until end of 2021

The UAE replaced its central bank governor this week after one year in the job. (WAM)

• Facility provides zero cost funding to banks and financial companies
• Measure is one of many introduced by UAE central bank last year

ABU DHABI: UAE Central Bank extended until the end of this year a 50 billion dirhams ($13.6 billion) support facility for banks and financial companies, state news agency WAM reported.
The “zero cost funding support facility” is one of a number of measures introduced by the central bank last year in response to the coronavirus pandemic.
The central bank said last month that about 320,000 bank customers have benefited from the central bank’s Targeted Economic Support Scheme (TESS) and about 175,000 customers were currently taking advantage of the opportunity to defer repayments.