Coronavirus: UAE central bank tells lenders to use $70 billion stimulus measures

Coronavirus: UAE central bank tells lenders to use $70 billion stimulus measures

The United Arab Emirates central bank on Sunday urged commercial lenders to use the $70 billion-worth of capital and liquidity measures launched by the regulator to support the economy during the coronavirus crisis.

“Banks are urged to process more applications from individuals, corporates and SMEs (small and medium sized enterprises) whose business operations are affected by the implications of COVID-19 pandemic,” the central bank said.

It said in a statement that commercial banks have already used more than 30 percent of the funds allocated under the Targeted Economic Support Scheme, adding it will start publishing the usage of the scheme by individual banks from May 2020.

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