Bankers have confirmed to "Emirates Today" that the recent measures taken by the Central Bank's Board of Directors to support the banking sector will grant banks greater capacity and flexibility in providing financing and supporting various sectors. They pointed out that several banks have extended their Ramadan offers beyond Eid al-Fitr for an unspecified period, expected to last until the end of March. They stated that financing requests and bank transactions are usually somewhat quiet during the last week of Ramadan each year, with customers preferring to postpone any transactions until after Eid. They also noted that work was in-person yesterday at all bank branches, and all fund transfer and electronic banking services were operating efficiently and around the clock. In detail, banking expert Ahmed Yusef said that the recent decisions by the Central Bank's Board of Directors, as usual, were proactive to counter any potential impact on the economy, which gave banks more momentum and leeway in providing financing and supporting various sectors. He added: "The financial sector in the state, with all its institutions, has accumulated experience over the past two decades, dealing with a global financial crisis and the (COVID-19) pandemic, so there are no concerns about major shocks thanks to the financial solvency and record-high liquidity levels in banks, in addition to the recent support package." Yusef confirmed that "since the beginning of yesterday, banks have resumed their activities after the Eid al-Fitr holiday," noting that "despite the rain and weather fluctuations, transactions inside branches continued as usual, with customers, whether companies or individuals, applying for financing as usual after every holiday or occasion, as everyone prefers to start their transactions with the return of employees and the regularity of official work." On his part, banker Tamer Abu Bakr said: "Work in the branches and main offices of banks was in-person yesterday, amidst a noticeable turnout from customers who had postponed their requests until after Eid al-Fitr, as they came again to obtain various types of financing, which created some pressure on sales staff." He continued: "There are no reservations among bank management regarding granting financing, on the contrary, there is a desire to provide it with greater facilitations, whether for individuals or companies, supported by the recent decisions of the Central Bank's Board of Directors," pointing out that transfer movements are also smooth, and electronic financial services are operating around the clock with ease. In turn, banker Mustafa Ahmed said: "Financing requests and transactions are usually somewhat quiet during the last week of Ramadan each year, as customers prefer to focus on worship and celebration, after which activity is resumed, which happened yesterday, as a turnout was noticed again and a large number of customers in the branches, in addition to an increase in contacts with bank employees." He added: "Work was in-person yesterday at all bank branches, with all employees resuming work after a four-day holiday, after which it is expected that momentum will return even more, especially since a large number of banks have extended their Ramadan offers after the Eid for an unspecified period, but it is expected to remain until the end of this March." The comprehensive preemptive support package The comprehensive preemptive support package approved by the Board of Directors of the UAE Central Bank includes five main axes that enable banks to access cash liquidity and provide them with additional flexibility in using excess liquidity and capital reserves, thereby contributing to supporting the UAE economy. These axes are: enhancing the ability to access reserve assets up to 30% of mandatory reserve requirements, providing liquidity facilities in dirhams and US dollars on a temporary basis, in addition to temporarily reducing liquidity ratios and stable financing ratios to grant banks greater flexibility to support the economy, as well as reducing cyclically adjusted buffers and capital conservation buffers (CCB) to support the economy. The fourth axis lies in giving banks the flexibility to defer the classification of debts of individuals and companies to provide temporary facilities for clients of the banking sector affected by exceptional circumstances, while the fifth axis is the Central Bank's confirmation of the necessity for banks to continue providing the necessary financing services to support customers and the national economy. Mustafa Ahmed: • Work was in-person yesterday at all bank branches, with all employees resuming work after a four-day holiday, after which it is expected that momentum will return even more. Banks operating in the country resumed their activities yesterday after the Eid al-Fitr holiday, amidst a noticeable turnout of customers visiting branches and the resumption of momentum in financing requests, whether from companies or individuals.
