June 2, 2020 / 11:12 AM / a month ago

BRIEF-Sharjah Government Initiates 4 Bln Dirham Support To Alleviate Covid-19 Impact - Statement

June 2 (Reuters) - SHARJAH GOVERNMENT:

* INITIATES 4 BILLION DIRHAM SHARJAH LIQUIDITY SUPPORT MECHANISM (SLSM) TO ALLEVIATE ECONOMIC IMPACT OF COVID-19

* FRAMEWORK WORTH AED 4 BILLION TO ENHANCE LIQUIDITY FOR SHARJAH BANKING SYSTEM IN THE EMIRATE

* MOVE WAS AIMED AT PROVIDING ADDITIONAL FINANCIAL ASSISTANCE TO ALL BUSINESSES IMPACTED BY OUTBREAK OF COVID-19

* ISSUED AS 12 MONTH DIRHAM-DENOMINATED PAPER IN SEVERAL TRANCHES, THE SHARJAH LIQUIDITY SUPPORT MECHANISM (SLSM) SUKUK REPRESENTS FIRST RATED SHORT TERM LOCAL CURRENCY TRADEABLE INSTRUMENT IN UAE, WHICH CAN BE USED FOR LIQUIDITY MANAGEMENT BY BANKS

* SERVICE WILL ALLOW BANKS TO USE SUKUK AS SECURITY TO ACCESS LIQUIDITY FACILITIES AT UAE CENTRAL BANK, BY FOLLOWING REQUIRED GUIDELINES

* A FIRST TRANCHE OF THE SLSM WAS SUBSCRIBED TO IN MAY BY BANK OF SHARJAH WITH AN AED 2 BILLION PARTICIPATION

* SUBSEQUENT TRANCHES WITH ONE OR MORE OTHER BANKS ARE EXPECTED TO EXPAND THE SLSM TO AED 4 BILLION

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