UAE central bank says mortgage cap ratios 'mere suggestions'
- United Arab Emirates: Tuesday, January 22 - 2013 at 06:19
The UAE central bank and the Emirates Banks Association are in talks on proposed mortgage loan caps announced in December 2012, Gulf News has reported. "We are in talks with the banks on this matter and no effective rules are shimmering in the horizon before 6-9 months from now. Most probably it will be effective before the end of 2013," a central bank official, who requested that his name not be used, told the daily. "We have not issued any statements that force any financial institution or commercial bank to abide by them in terms of mortgage caps," he said, adding that "the ratios proposed in the circular were mere suggestions and that they are still under scrutiny and the current system for property financing has remained unchanged".
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