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01 March 2020
ECONOMY

CBUAE recommends measures to mitigate coronavirus impact

The World Health Organisation advised countries to be prepared for a scenario in which the coronavirus turns into a pandemic where economic impact in affected countries can be relatively large

UAE lenders remain well-capitalised and are in a good position to support customers affected by the virus

by Kudakwashe Muzoriwa

The Central Bank of the UAE (CBUAE) has urged financial institutions to re-schedule loan contracts, grant temporary deferrals on monthly loan payments and reduce fees and commissions to customers as part of measures to mitigate the effects of coronavirus.

The central bank also established a committee engaging UAE Banks Federation to assess the situation and identify possible solutions.

In a statement, the CBUAE advised banks and finance companies to review and update their business continuity plans to ensure the readiness of the country’s financial sector for a potential worsening of the situation.

The central bank said that it is mandated to ensure the appropriate protection of consumers as well as safeguard the stability of the banking system and will continuously monitor credit conditions in the UAE.

The UAE reported 21 cases of the coronavirus as the outbreak continued to spread across the globe.

CBUAE said that UAE lenders remain well-capitalised and are in a good position to support customers affected by the virus, without jeopardising their own safety and soundness.


RELATED STORIES: coronavirus UAE Banks Federation CBUAE

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