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16 March 2020
HALAL ECONOMY

UAE willing to extend measures to stimulate the economy

The central bank last week rolled out an AED 100 billion ($27 billion) package to support its banks as it seeks to mitigate the economic impact of the coronavirus

The UAE plans to cut interest rates in lockstep with the Federal Reserve’s monetary actions/Shutterstock

by Bloomberg

The Governor of Central Bank of the UAE said that the government is willing to extend measures to stimulate the second-biggest Arab nation’s economy after it rolled out a $27 billion package last week.

Mubarak Rashed Al Mansoori, the Governor of Central Bank of the UAE said, “We are willing to extend this scheme, so we have no hesitation to renew these measures.” “Before the end of the six months, we will assess and if this is required, we will renew this.”

Al Mansoori said that the UAE plans to cut interest rates in lockstep with the Federal Reserve’s monetary actions,  reiterating the government’s commitment to the dollar peg.

“The peg has served us very well and continues to be. We are committed to the peg,” said Al Mansoori.

“The dollar peg has been productive to the UAE economy with lowering of rates at this time, especially with also the low oil price,” added Al Mansoori.


RELATED STORIES: Governor of Central Bank Mubarak Rashed Al Mansoori coronavirus

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