The bank added in a statement that the total value of all capital and liquidity measures approved by the Central Bank since March 14 amounted to 256 billion dirhams, consisting of 50 billion dirhams In the form of cuts in protective capital, and 50 billion dirhams in the form of financing support at zero cost.
The amount also included 95 billion dirhams in the form of cuts in reserve liquidity, and 61 billion dirhams is a reduction in the requirements of mandatory cash reserves.
The Central Bank stated that banks and financing companies can participate in the comprehensive economic support plan directed to extend the period of debt delay and interest on payments due until December 31, 2020.
He indicated that banks can extend the reductions in protective capital until December 31, 2021, and the value of the reductions in the issued protective capital is 50 billion dirhams.
The Central approved the extension of the zero-cost financing facilities provided with a guarantee to the banks and financing companies participating in the plan until December 31, 2020. The value of the available zero facilities is 50 billion dirhams. p>
He pointed out that the banks participating in the economic support plan can withdraw a third of their existing regular liquidity reserves, and therefore, will give the banks the flexibility to maintain a minimum liquidity coverage ratio of 70%, and the minimum eligible liquid assets ratio will be lowered to 7%.
