News update: UAE Central Bank seeks measures to mitigate economic impact of coronavirus

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Banks asked to reschedule loans and reduce fees and commissions.

Dubai: The Central Bank of UAE (CBUAE) on Saturday asked banks to reschedule loans and reduce fees and commissions as part of measures to mitigate the economic effects of the coronavirus outbreak.

The country is a regional business hub and major transit point for passengers travelling to China and other destinations in Asia.

“Financial institutions are expected to implement measures such as re-scheduling of loans contracts, granting temporary deferrals on monthly loan payments, and reducing fees and commissions for affected customers,” Reuters quoted a central bank said statement .

Read more at: Gulf News