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26 March 2020
REGULATION

CBUAE asks banks to replenish ATMs with new banknotes

The measures are in line with the central bank’s efforts to prevent the spread of the coronavirus epidemic and ensure the health and safety of customers

All ATMs must be sanitised on a regular basis/Bloomberg

by Kudakwashe Muzoriwa

The Central Bank of the UAE (CBUAE) has directed banks to replenish ATMs with new banknotes of all denominations and ensure money remains available during the salary payment cycle for this month to prevent the spread of COVID-19 and ensure the health, and safety of customers.

CBUAE also instructed banks to implement additional preventive measures such as sanitising all ATMs regularly and provide customers with disposable latex gloves.

Last week, the central bank also urged banking customers to adopt digital and online banking services as a measure to protect the health and safety of UAE residents.

Furthermore, CBUAE rolled out an AED 100 billion ($27 billion) stimulus package to support the financial sector as the second biggest economy Gulf seeks to mitigate the economic impact of COVID-19.

The Targeted Economic Support Scheme consists of an AED 50 billion aid package for banks in the country through collateralized, zero-interest loans. Banks will also be allowed to free up capital buffers, which will make another AED 50 billion in liquidity available to lenders.


RELATED STORIES: Central Bank of the UAE COVID-19

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