U.A.E. Central Bank Plans Fines on Retail Lenders, National Says

The United Arab Emirates’ Central Bank is working on a law to fine banks that grant loans to consumers who then struggle to repay the debt, The National reported today, citing Governor Sultan bin Nasser al-Suwaidi.

The governor spoke at a Federal National Council meeting, the Abu Dhabi-based newspaper said.

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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