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UAE banks return AED 14.47bn from CBUAE's stimulus package

UAE banks return AED 14.47bn from CBUAE's stimulus package
The CBUAE launched an AED 100bn TESS initiative in March 2020

UAE - Mubasher: The UAE banks have returned around AED 14.47 billion from the stimulus package that has been offered by the Central Bank of the UAE (CBUAE) since March 2020, the Emirates News Agency (WAM) reported.

This step has decreased the CBUAE's loan balance to AED 30.25 billion by the end of December 2020.

In March 2020, the CBUAE launched an AED 100 billion targeted economic support scheme (TESS) initiative to support the country's economy amid the coronavirus (COVID-19) pandemic.

The scheme comprised zero-interest, collateralised loans worth AED 50 billion for the local banks, and an additional AED 50 billion freed up from banks’ capital buffers.