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UAE car dealers hit by new central bank rules on financing

New car sales in the UAE in May have taken a hit as a result of the central bank restrictions on auto financing, Gulf News has reported, citing industry sources. "The volume of new car policies that we wrote during May was off by over 30% compared with March's tally," a manager with a local insurer said. The central bank guideline on auto financing, which came into effect from May 1, requires that banks cannot exceed the 80% loan exposure mark on each individual transaction.