Post by : Badri Ariffin

In a significant move to bolster the financial sector in the UAE, the Central Bank of the UAE (CBUAE) has revealed the outcomes of its expansive support initiative.

The initiative’s total support has reached AED 6.2 billion, encompassing measures such as loan repayment postponements, fee waivers, and relief from interest for affected individuals and enterprises.

This initiative has benefitted 65,379 customers nationwide, including over 60,000 individuals, 4,335 small and medium enterprises (SMEs), along with 485 corporate entities.

The CBUAE emphasized that key sectors facing economic hardships received prioritized support. In total, financial assistance was extended to 173 hospitality firms, 361 transport companies, and 134 entertainment businesses.

Furthermore, the central bank reported steady growth in the banking sector between March 1 and May 1. Banking assets saw a 2.1 percent increase, loans expanded by 3.2 percent, while deposits climbed by 1.9 percent.

The monetary base cover ratio stood strong at 115.3 percent, indicating solid financial stability within the banking system.

Eligible individuals and businesses can access loan deferments of up to six months without the risk of default classification. The support package also suspends interest and fees, ensuring access to credit for priority sectors.

The CBUAE confirmed that this support program remains available for all corporate entities, SMEs, and individuals affected by the economic downturn, with no minimum loan threshold necessary to receive aid.

#world news #Global News #Dubai News #UAE News