Post by : Bianca
Haleem
The Central Bank of the UAE (CBUAE) has unveiled significant outcomes from its wide-ranging aid initiative designed to bolster the financial sector's stability and resilience.
As reported by the central bank, the cumulative value of support provided through this initiative has reached AED 6.2 billion. The measures encompass loan repayment postponements, interest relief, and fee waivers for harmed individuals and enterprises.
This package has positively impacted 65,379 beneficiaries nationwide, including over 60,000 individuals, 4,335 small and medium enterprises (SMEs), and 485 corporate entities.
The CBUAE highlighted that prioritized aid was delivered to essential sectors facing economic pressures. Assistance was allocated to 173 hospitality firms, 361 transport providers, and 134 entertainment businesses as part of this initiative.
Additionally, the central bank confirmed robust growth within the UAE banking sector between March 1 and May 1. During this timeframe, banking assets surged by 2.1 percent, loans expanded by 3.2 percent, and deposits saw a 1.9 percent increase.
Furthermore, the monetary base cover ratio reached an impressive 115.3 percent, showcasing strong financial stability across the banking landscape.
Eligible businesses and individuals can benefit from loan repayment extensions of up to six months without classifications as defaults. The support package also entails the cessation of interest and banking fees alongside ongoing access to credit facilities for priority sectors.
The CBUAE affirmed that this assistance program remains accessible for corporations, SMEs, and individuals affected by economic disruptions, with no minimum loan threshold to qualify for support.
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