UAE lending cap extended by six months
- United Arab Emirates: Wednesday, October 10 - 2012 at 02:28
The National Bank of Abu Dhabi (NBAD) has said the UAE central bank has extended by six months its deadline to comply with limits on commercial banks' lending to state-linked companies, Reuters has reported. Last April, the apex lender announces rules introducing caps for loans made to local governments and their entities. "The (central bank) governor announced it was extended for six months at the last central bank meeting (with commercial banks in September)," Abdulla Saleh Abdulraheem, NBAD's deputy chief executive, told the news service. "It's a good step, it gives the banks time."
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