The Central Bank of the UAE (CBUAE) announces its decisions to continue wide-ranging measures under the Targeted Economic Support Scheme (TESS) beyond mid-2022 that addresses consequences of the pandemic and helps in banks and economic recovery.
The improving broad-based economic indicators in the UAE allowed the CBUAE and banks within the UAE to seamlessly complete Phase 1 of the planned TESS exit strategy by 31 December 2021.
The UAE Central Bank also noted the planned completion of Phase 2 of the TESS exit strategy by mid-2022.
However, the CBUAE has hinted that some TESS measures that support the recovery will remain in place for the time being.
The CBUAE highlighted that it is closely monitoring the evolving situation globally and stands ready to take additional measures if necessary, according to the state-run news agency, Wam.
The announcement was made during a meeting between the Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama, and the chief executives of banks in the UAE as part of the Bank CEOs Forum, which is a quarterly dialogue that aims to enhance the development of the UAE banking sector.
The CBUAE and UAE bank CEOs discussed the global and UAE economic recovery that commenced during 2021 and the outlook for 2022.
The CBUAE also highlighted key Emiratisation initiatives, which aim to create new jobs for UAE nationals and support the development of talent in the banking sector.
Khaled Balama commented that the CBUAE will continue to support the competitiveness of the UAE’s financial system and raise the UAE banking sector to be the best globally.
