The head of the Economic Research Department at the Emirates Central Bank, Magda Kandil, pointed out that the growth "in the UAE will see some impact in 2020 due to weak global growth due to the impact of the Coronavirus," noting that "the central bank must reassess growth expectations for the current 2020".
Kandil's position comes after the Emirates Central Bank asked banks and financial institutions to reschedule loans, grant temporary postponements of monthly loan payments, and reduce fees and commissions for customers affected by the consequences of the virus.
Kandil asserted that "banks and finance companies will remain fully responsible for their credit decisions," calling on "all banks and financing companies to review and update their business continuity plans, with a view to ensuring the readiness of the financial sector of the UAE for any possible escalation of the Coronavirus."
Source (Al-Arabiya.net website, Edited)
