The Russian central bank lowered its key interest rate to 6.00% on Friday, cutting the cost of lending for the sixth consecutive meeting amid slowing inflation, and said a further rate cut was possible at an upcoming meeting.
The Board of Directors of the Central Bank of the UAE (CBUAE) held their fifth meeting this year via Video Conference recently.
The UAE was one of the fastest nations in setting and implementing precautionary measures to curb the spread of the novel Coronavirus (COVID-19) and address the challenges it brought about, most notably to the economy, asserted Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA) and Vice President of the Belt and Road Initiative (BRI) Tax Administration Cooperation Forum.
France’s economy will take two years to recover from its worst post-war recession, triggered this year by the coronavirus outbreak, the central bank (CB) said.
In line with the agreement by Opec+, the UAE average oil production is projected at 2.984 million barrels per day in 2020.
Egypt’s central bank is expected to leave its main interest rates unchanged as it weighs the impact of an emergency 300 basis point cut two weeks ago to soften the economic impact of the coronavirus outbreak, a Reuters poll showed.
The Central Bank of the UAE , the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) of Dubai International Financial Centre (DIFC)
To mitigate the repercussions of COVID-19 pandemic, the UAE Central Bank (CBUAE) has decided to reduce by half the reserves requirements for demand deposits for all banks, from 14 per cent to 7 per cent.
The Governor of the Central Bank of the UAE, CBUAE, and the CEOs of all banks recently discussed the implementation of the Targeted Economic Support Scheme, TESS.
The UAE Central Bank recently more than doubled the size of the stimulus package for the economy, to deal with the current crisis, while also allowing banks and finance companies to extend the deferment of both principal and interest repayments until the end of the year.