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FINANCIAL NEWS
UAE’s CB plans to set new rules for credit cards
19 Jan 2012
(MENAFN) UAE’s Central Bank said that since it received many complaints from consumers about random charges by banks, for the first time, the CB would set new regulations for credit cards, reported Emirates 24/7.
The bank added that it was preparing a new comprehensive system that would regulate the credit card market and it would be obligatory on all banks in the country, adding that the CB would get information about fees and rates banks impose on credit card holders, in order to prepare the new regulations.
It also said that the bank hadn’t decided yet when to enforce the new system, since it would take it time to examine all fees and services related to credit cards in detail before approving the regulation in its final form.
It is worth noting that according to the CB, it was surprised by the information it obtained from the UAE’s 51 banks due to high rates and several types of fees imposed by these banks on credit card holders.
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