May 7, 2020 / 10:44 AM / 21 days ago

UAE c.bank says 75% of coronavirus liquidity stimulus drawn down

DUBAI, May 7 (Reuters) - The United Arab Emirates’ central bank said on Thursday that banks had so far drawn down on 75% of its 50 billion dirham ($13.61 billion) liquidity stimulus scheme introduced to cushion against the impact of the new coronavirus.

The total number of banks participating in the Targeted Economic Support Scheme (TESS) has increased to 24, the central bank said in a statement.

The regulator said it would start publishing a list starting next week of banks that have provided more than 50% of the liquidity allocated to them under the scheme.

$1 = 3.6726 UAE dirham Reporting by Davide Barbuscia; Writing by Yousef Saba Editing by Gareth Jones

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