Al-Markazi: constituted 88.8% of 50 billion dirhams by the end of June
Banks withdraw 44.38 billion dirhams from the liquidity of the facilities
The Central Bank urged all banks earlier to use the liquidity of the facilities. Archives
The latest figures released by the Central Bank, yesterday, showed that the value of liquidity that banks withdrew from the balance of facilities, which the bank allocated as part of the support plan for banks, amounted to 44.38 billion dirhams by the end of June 2020.
The value of the liquidity withdrawn, by the end of June, constitutes approximately 88.8% of the total value of the facilities allocated by the Central Bank, amounting to 50 billion dirhams.
The increase in the rate of liquidity withdrawn reflects the increase in the number of banks that used the liquidity of the facilities, especially after the notice issued by the Central Bank, in mid-May, which included facilitating procedures for benefiting from the liquidity directed to the support plan, which stimulated more banks to use it, especially since it is at zero cost. .
Positive reflections
The financial expert, Talal Al Mazrouei, said that the support plan approved by the Central Bank of the United Arab Emirates, several months ago, had positive repercussions on the banking sector in the UAE, as well as a large number of bank customers, whether companies or individuals, benefited from it.
Al Mazrouei praised the positive role played by the Central Bank to enhance economic activities and maintain financial stability in the country.
Strong movement
Central bank statistics show that the movement of banks to take advantage of the liquidity of the support was strong, last April, as the value of liquidity withdrawn reached 31.85 billion dirhams, rising to 42.33 billion dirhams in May 2020, before closing at 44.38 billion dirhams in June.
The Central Bank had urged all banks, earlier, to use the liquidity of the facilities to help dealers, whether companies or individuals, by postponing their dues, according to specific controls.
140 thousand beneficiaries
Last June, the Central Bank announced that the number of banks that used the economic support plan had reached 26, of which 17 had withdrawn 100% of the financing granted to them, while the number of beneficiaries of the subsidy plan reached more than 140,000 beneficiaries.