(MENAFN) The UAE's Central Bank announced that in order to alleviate the burden of personal debt on Emiratis, the bank is studying proposals related to the settlement of consumer loans, reported The National.
The bank said that banks in the country prefer to lend nationals, providing them with preferential borrowing rates and longer repayment periods, however, some citizens are borrowing in excess of their personal income.
It added that the presidential decree which was issued in January and ordered the government to reconcile the personal loans of 6,830 nationals aimed at helping nationals who were struggling to repay their loans.
It is worth noting that as part of the decree, the UAE government allocated nearly USD544 million to assist indebted Emiratis.
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