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DUBAI / WAM
The Central Bank of the UAE, CBUAE, has announced the extension of the applicability period of the key components of its economic stimulus package, the Targeted Economic Support Scheme (TESS) until June 30, 2021.
The TESS was launched by the CBUAE in March 2020 to support the UAE’s economy during the COVID-19 pandemic, through a range of integrated relief measures to the banking sector related to funding, liquidity, lending and capital.
Under this extension, the CBUAE will extend the duration of the Zero Cost Facility (ZCF) of AED 50 billion, which benefits retail and corporate banking customers and facilitates liquidity management for banks through collateralised funding at zero cost, for an additional period of six months.