The United Arab Emirates' central bank has extended several measures of its Targeted Economic Support Scheme (TESS) until June 30.
The bank said in a statement on Saturday that it took the decision to support the continued recovery of the country's economy.
The statement said the bank was extending the TESS program to support new lending and financing, as well as prudential relief measures regarding banks’ capital buffers and liquidity and stable funding requirements.
Notably, the scheme was designed to contain the repercussions of the COVID-19 pandemic to facilitate the provision of temporary relief from payments of principal and/or interest/profit on outstanding loans for all those affected, including private sector corporates, SMEs and individuals, as well as facilitate lending and liquidity capacity of banks.
