UAE Banking sector liquidity back to 2019-level: Central Bank Governor

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(The Gulf News)

320,000 customers, including individuals and businesses benefitted from TESS

The overall liquidity in UAE’s banking system has returned to pre-COVID-19 levels, according to Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank.

The Governor on Monday held his first quarterly meeting of the year with CEOs of the largest banks in the country. The meeting focused on the effectiveness of the Targeted Economic Support Scheme (TESS) in mitigating the implications of the pandemic on the economy.

The banks’ drawdown of the dedicated TESS Zero-Cost Liquidity facility was Dh22 billion as of this month, down from the maximum drawdown of about Dh44 billion reached in Q2-2020, which is consistent with the temporary nature of the payment deferral scheme.

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