April 23, 2020 / 3:38 PM / a month ago

UAE banks have used $8 bln stimulus liquidity - central bank

DUBAI, April 23 (Reuters) - The United Arab Emirates central bank (CBUAE) said commercial banks have used 30 billion dirhams ($8.17 billion) of a 50-billion-dirham “liquidity facility” the regulator introduced to stem the impact of the coronavirus outbreak.

The CBUAE has launched $70 billion worth of capital and liquidity measures as part of a Targeted Economic Support Scheme (TESS) aimed at providing economic stimulus during the coronavirus pandemic.

“The CBUAE welcomes banks’ active utilisation of allocated funds, which have doubled in a one-week period, reaching over 60% of the TESS AED 50 billion liquidity facility which is equivalent to AED 30 billion total consumption of allocated funds,” it said in a statement on Thursday. ($1 = 3.6727 UAE dirham) (Reporting by Davide Barbuscia Editing by Mark Heinrich)

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