UAE central bank announces to extend the stimulus to June 2022.

Deferral for UAE bank customers | UAE Central Bank Stimulus

The UAE Central Bank stimulus measures put in last year have been officially extended up until the June of next year. This would mean banking consumers in UAE will get a little breathing room. It is extended to them until the JUNE of 2022. This is an integral part of its Targeted Economic Support Scheme (TESS) until mid-2022.

As part of that, banks will continue to be eligible to access a collateralized 50 billion dirhams ($13.61 billion). And it is also including a zero-cost liquidity facility until June 30 next year. This is to provide loans to individuals and companies affected by the COVID-19 pandemic.

Individuals & companies who have not yet availed of the deferral so far according to the UAE central bank stimulus will be given priority over others. And also While everyone is eligible to apply for the same.

Bank may also use this opportunity to pass on to its customer’s offers. This can be such as postponement of one month’s installment free of that as ADIB recently announced.

The CBUAE expects financial institutions to prioritize lending through the TESS. They expect to target the most negatively affected sectors, and businesses. And also to households, contributing to a balanced revival of the UAE’s diversified economy.

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