In fighting hard against COVID-19 and curb its risk, UAE Central Bank announces full-fledged support

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The UAE’s banking pioneer and core bank The Central Bank of UAE on this previous Wednesday announced its full-fledged support to the entire nation’s banking system in curbing and fighting the pandemic menace COVID-19 and thereby downside the risk associated with it.

The core banking regulator of the GCC and MENA region also added further that a core committee has been established for ensuring that there is no stoppage in core banking services and a No-Inconvenience policy for keeping their ties intact amongst the general users and as well their Corporate Consumers.

The regulator has also made it clear in its statement that it has provided strict directives for all core banking and financial institutions to maintain and have surplus cash pool across the ATM’s as well as in their branches. It has also asked banks to keep their customer base aware of the changed schedule timings of bank branches if any in the region.

Mubarak Al Mansoori, Governor of the Central Bank of the UAE further stated that “they are in close supervision on regard the further developments in case of COVID-19 outbreak and thereby striving hard with ample support backed by other lead banks and financial lenders, wealth management firms, investors and stakeholders for providing all pivotal assistance that is essential for smooth flow and sustenance of UAE’s economy and thereby curbing the added pressure of any adverse impact it can cause to their economic conditions as well as on their financial stability in the short and long run.”

The regulator has also addressed clearly its dynamic workforce to even operate from remotest locations and holding video conferencing mobility assistance, online assist, etc on the go also known as ‘Virtual assistance’ preferred over physical branch backed meetings for easing out the prevailing situations for their customers.

The Central Bank of UAE’s has additionally warned and instructed “its internal workforce in addition to wider policies specifically while dealing with monetary transactions to ‘strictly comply with adequate sanitization drive and procedures’ and as well directed the transporting cash staffs to handle cash with adequately WHO certified gloves and not with just the bare hands.”

UAE’s premier banking regulator also addressed major financial institutions across region and Middle East territory for implementing measures to benefit the affected customer base like: –

  • Holding back of loan contracts.
  • Grant temporary rearrangements on monthly loan payments.
  • Decreasing the fees and commissions.
  • Remain well-capitalized or have surplus cash and financial reserves thereby being in a better position to combat the worst global issues and support their vast surging customer base without risking their own health, safety, etc.

This latest preventive reforms by the Central Bank of UAE comes in wake of the deadly outbreak of Coronavirus/COVID-19 and which is now announced as a Pandemic by WHO with a death toll in excess of 4,300 cases and an affected count of the excess of 1,22,000 global people count and continuing, and being intensified and speeded to vast global territories outside its country of Origin ‘China’.

Economists forecast that the rapid spread of the virus could potentially lead to a vast deceleration in global growth while the UN asserts that it could lead the foreign direct investments to fall as much as 15 percent this year. Globally all governments have been sounded on high alert as well as to take vital steps to combat the economic fall-out from the virus.

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