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FINANCIAL NEWS
UAE central bank orders lenders to reduce debt burden of Emiratis
19 Mar 2012
(MENAFN) The UAE’s central bank ordered lenders working in the Gulf state to work on reducing debt burden of UAE nationals, Reuters reported.
The central bank said that it reviewed personal loans and found that UAE nationals were paying high repayment installments.
Some bankers said banks may have to write off some debt relating to personal loans.
In January, the UAE government said it would settle USD544.5 million of debt owed by nationals, including some who were detained for defaulting on loans.
The central bank said that during 2006 – 2008 personal loans in the UAE jumped at least 35 percent before they sharply slowed over the past three years following the 2008 global slump and regional debt default problems.
In the boom years, UAE banks extended huge personal loans to UAE nationals and expatriates, surpassing even limits set.
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