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UAE urges banks to extend support to private sector

Previously, the central bank provided over Dh 61 billion in the form of lowered cash reserve requirement to support businesses and individuals

The Central Bank of the UAE has requested banks to support the private sector including SMEs and individuals affected by the Covid-19 pandemic, media reports said. 

The Governor of the Central Bank of the UAE Abdulhamid Saeed had held a meeting with the CEOs of various banks operating in the company.“We urge banks and financial institutions to act in the best interest of retail clients, private sector corporates and SMEs, which are the growth engine of our economy,” he said, according to media reports.

The governor has urged these banks to expend their support to the country’s private sector stakeholders including corporates, SMEs and individuals on the back of the pandemic. This support is part of the Targeted Economic Support Scheme to combat damaged caused by the pandemic. 

In addition to disbursing Dh 10 billion of the Dh 50 billion under the Targeted Economic Support Scheme, the central bank has also provided over Dh 61 billion in the form of lowered cash reserve to support businesses and individuals affected by the pandemic, media reports said. 

The governor said “I am confident that the scheme will act as a catalyst to strengthen economic activity and effectively mitigate financial risk, while also ensuring that the businesses are prepared for the post-Covid-19 era.”

The pandemic has removed Dh 62.4 trillion from stock markets globally. Now global equity markets are valued at $72.16 trillion from $89 trillion at the beginning of the year, media reports said. The International Monetary Fund has noted that economies have slipped into a global recession.

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