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UAE banks told to cut debt burden of nationals

18 March 2012

Banks operating in the UAE have been instructed by the country's central bank to help reduce the debt burden of Emiratis, with some bankers saying banks may have to write off certain personal loans, Reuters has reported. Following a review of personal loans, the central bank found that UAE nationals were paying high repayment instalments, the apex lender said. "To alleviate the financial burden on UAE nationals, the board instructed further study and more cooperation and coordination from concerned agencies in order to find solutions," it said without specifying how the burden should be reduced.

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