The United Arab Emirates' central bank has told lenders to extend maturities on certain personal loans held by UAE citizens by more than four years, the latest initiative aimed at reducing their debt burdens.
In a circular sent to banks earlier this week, the regulator told banks to reschedule citizens' loans by more than 48 months if the repayment exceeds 50 percent of gross salary and other income.
The loans can be rescheduled provided no fresh money is borrowed, the circular added.
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