The Central Bank of the UAE (CBUAE) has introduced a five-pillar resilience package to support the banking system and maintain liquidity, according to Alvarez & Marsal.
The CBUAE said its board reviewed the strength of the financial system and approved a proactive Financial Institution Resilience Package. The central bank said the package is backed by CBUAE assets of AED 1 trillion.
According to Reuters, the measures include temporary capital buffer relief.
Reuters reported that UAE bank stocks rose after the central bank announced the support package.