The Central Bank stressed that it is obligated under the law to ensure the necessary protection for consumers, to maintain the stability of the banking system, and to constantly monitor the credit situation in the UAE.
The bank said in a statement yesterday, that in order to reduce the negative effects of the outbreak of the Corona virus (Covid-19) on the economy to a minimum, the central bank has formed a committee to communicate with the union of banks in the country, to assess the credit situation and find appropriate solutions.
He added that to reduce the effects of the Corona virus on credit, financial institutions are expected to implement measures such as rescheduling loans, granting temporary delays to monthly loan payments, and reducing fees and commissions to affected customers, stressing that banks and finance companies remain fully responsible for their credit decisions. .
The Central Bank emphasized that the financial institutions operating in the country enjoy good capitalization and are in a position to support dealers affected by the virus, without compromising their safety and financial stability.
To ensure the readiness of the UAE financial sector for any possible escalation of the Corona virus, the Central Bank advised all banks and finance companies to review and update their business continuity plans, stressing that it continues to monitor the situation closely, and will provide further guidance and guidance, if needed. .
The Central's directives came after the World Health Organization advised countries to prepare for a scenario in which the Corona virus (Covid-19) would turn into a pandemic. The economic impact in the affected countries can be relatively large in such situations.
The Central Bank advised banks to review and update their business continuity plans.