Resurgent U.A.E. Ponders Steps to Prevent Crash Rerun
This article is for subscribers only.
Five years after the United Arab Emirates began its steepest economic slump in two decades, a rebound has left policy makers pondering ways to avert a recurrence of the overheating that turned boom into bust.
Boxed in by a currency peg that rules out using interest rates to regulate credit flows, the nation’s central bank plans to impose some borrowing curbs and tighten rules on mortgage approvals, according to the chairman of the U.A.E. Banks Federation, Abdul Aziz Al Ghurair. It will also set up a credit bureau to control lending.