The Central Bank stated that the banks made significant progress to support clients affected by the repercussions of the new Corona epidemic (Covid-19), where banks withdrew about 75% of the liquidity facilities, amounting to 50 billion dirhams, equivalent to 37.2 billion dirhams of the financing granted to them, to date .
The Central added, in a statement, that the number of clients who benefited from the liquidity facilities of the comprehensive targeted economic support plan rose, which contributed to providing financial support to those affected by the consequences of the Coruna epidemic.
He indicated that during the past two weeks, a new group of banks joined the economic support plan, bringing the total of the participating banks to 24 banks, in a move that reflects the commitment of the banking sector to reduce the financial burden on the affected clients.
He explained that, during the next week, he will publish the list of banks that have used more than 50% of the liquidity facilities granted to them.
It is noteworthy that the banks withdraw from the facilities provided by the "Central" at zero interest, every Wednesday of the week.
The Central Bank requires that these funds be directed to support companies and individuals affected by the consequences of the spread of the Corona virus. The total measures taken by the "Central", since last March, to support the economy, amount to 256 billion dirhams, whether as direct liquidity or a reduction in reserve and capital requirements.
The support plan provided by the Central Bank is considered the largest in the Gulf, and it is enough for four years, according to previous statements by the President of the Banking Union, Abdulaziz Al Ghurair.