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UAE central bank extends the period of zero-cost facilities of $13.6 bn

UAE Central Bank

The UAE central bank has decided to extend until the end of 2021 zero-cost facilities of 50 billion dirhams ($13.6 billion).

The decision comes within the framework of a program to postpone the payment of customer loan payments from individuals and sectors affected by the COVID-19 repercussions until the end of 2021.

These will be included in the recovery program to help banks grant new loans to customers, until the end of June 2022.

The Board of Directors of the UAE central bank also approved applications for establishing national banks and institutions. The board also approved licensing a specialized bank operating under the system of low-risk banks.

The new currency

The Board approved the third and new issuance of the currency notes, in line with the country’s preparations for the “Year of Fifty”. The new currency includes the latest security marks in printing paper currencies, in accordance with international standards.

The meeting also discussed the memorandum submitted by the Banking Supervision Department, which included proposals on financial activities and policies for licensing financial institutions, according to the Emirates News Agency (WAM).

The meeting also dealt with a memorandum on the enforcement measures taken against establishments that violate the instructions and regulations of the Central Bank.

The members were briefed on the report of the comprehensive economic support plan, and its role in alleviating the financial and economic pressures resulting from the Coronavirus pandemic.

Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, has appointed, in a presidential decree, Khalid Muhammad Salem Al-Tamimi, the new governor of the Central Bank of the United Arab Emirates on Wednesday.

Al-Tamimi has more than 30 years of experience in the field of banking, and had been Deputy Governor of the Central Bank, following the decision of the former governor, Abdul Hamid Saeed, to retire and leave his post.

The announcement of the new appointment decision was during the regular meeting of the Board of Directors of the Central Bank, chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Chairman of the Board of Directors of the Central Bank of the Emirates.

The value of liquid assets of the banking system in the UAE has increased during the last quarter of 2020, by 25.78 billion dirhams, with a growth of 5.7%, compared to the third quarter of the same year.

Liquid assets accounted for 15.3% of the total assets of the banking system, which amounted to 3.071 trillion dirhams at the end of 2020.

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