Central Bank of UAE reviews targeted economic support scheme
Tuesday, 11 03 2020, Category: Economy, Country: U.A.E
The Board of Directors of the Central Bank of the UAE held its regular meeting today at Qasr Al Watan, chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
During the meeting, the board approved the bank’s investment policy, which covers technical specifications, strategic asset distribution standards, and the bank’s maximum risk budget while stipulating that the Risk Management and Compliance Department will draft organisational arrangements to monitor the new investment policy, and the Department of Finance will organise the appropriate accounting arrangements and custodial measures to facilitate the policy’s implementation. The Reserves Management will also implement the investment policy in terms of full communication with the Monetary and Reserves Committee, MRC, as well as draft an appropriate adoption plan.
The board then reviewed a report on the Targeted Economic Support Scheme, TESS, which aims to reduce the effects of the coronavirus, COVID-19, pandemic, by easing burdens related to financing and liquidity, reinforcing lending capacities, and addressing operational challenges.
According to latest statistics, the loan deferment scheme has benefitted over 310,000 clients of personal banking services, as well as some 10,000 small and medium-sized enterprises, SME, and over 1,500 private sector companies.