The United Arab Emirates won’t extend its deadline for banks to comply with new rules that cap lending to governments and state enterprises, said Saif Al Shamsi, assistant governor at the central bank.
“The decision stands as is,” though each bank will be dealt with individually, Al Shamsi told reporters in Kuwait today. The deadline expired yesterday.
The U.A.E. central bank said April 4 that banks must not lend more than 100 percent of their capital to local governments and the same amount to government-related entities to help reduce risk. There was no limit under previous rules.
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