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Mon 16 Mar 2020 11:18 AM

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UAE willing to extend measures to stimulate economy, says central bank

UAE central bank governor Mubarak Rashed Al Mansoori said the UAE is committed to the dollar peg

UAE willing to extend measures to stimulate economy, says central bank

Mubarak Rashed Al Mansoori, governor of the Central Bank of the UAE.

The United Arab Emirates is willing to extend measures to stimulate the second-biggest Arab nation’s economy after it rolled out a $27 billion package last week, according to its central bank governor.

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

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

UAE plans to cut interest rates in lock-step with the Federal Reserve’s monetary actions, he said. Al Mansoori also said the UAE is committed to the dollar peg.

“The peg has served us very well and continues to be. We are committed to the peg,” he said. “It has been productive to the UAE economy with lowering of rates at this time, especially with also the low oil price.”

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