Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank has called on the banks operating in the country to cut interest rates on loans, according to the official new agency WAM.
He said that the interest margin for the banks was high, asking them to consider the condition of borrowers, traders and businesspersons, who are the foundation of prosperity and business activity. Al Suwaidi referred to a decline in business revenues for those categories, an issue that the banks should take into account.
This came during a meeting of the central bank governor with chief executive officers of the banks operating in the UAE. The meeting was the second out of four frequent meetings held during this year.