UAE banks promise to assist customers impacted by coronavirus | ZAWYA MENA Edition:
Banks in the UAE have confirmed that, in compliance with the latest directive from the Central Bank, they will provide support to customers affected by the coronavirus by deferring loan payments and reducing banking charges.
The country’s regulator urged financial institutions on Saturday to come up with measures to mitigate the “adverse effects” of the virus on the UAE economy, such as “re-scheduling of loan contracts, granting temporary deferrals on monthly loan payments and reducing fees and commission” for affected customers.
It has also established a special committee engaging the UAE Banks Federation to assess the situation and identify possible solutions.
The virus that started in Wuhan, China in December has now spread to every continent, with more than 92,000 cases reported globally, including 27 in the UAE. Analysts have warned that the outbreak could slow down the global economy, as businesses and factories temporarily shut down, airlines cancelled flights and governments enforced travel bans to contain the spread of the virus.
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