UAE central bank introduces measures to mitigate coronavirus effect on economy

General view of Abu Dhabi, United Arab Emirates. (File photo: Reuters)

The central bank of the United Arab Emirates advised banks to reschedule loans and reduce fees and commissions on Saturday 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,” it said in a statement.

Last Update: Saturday, 29 February 2020 KSA 14:02 - GMT 11:02