(MENAFN) UAE Banks Federation's Chairman Abdulaziz Al Ghurair stated that the country's commercial bankers have requested the central bank to remove a ban on local citizens' loans transfers between banks, reported Arabian Business.
Al Ghurair also said that the central bank issued the ban on loan transfers in May for three months after an interest rate war broke out between local banks.
The Chairman added that the ban deprived UAE's citizens to enjoy the low interst rates on personal loans standing at 2.8 percent in some banks.
The Chairman also added that such a decision limits the choices of the customer and is against the open-market and the free economy system adopted by the UAE. He explained that the federation started talks with the central bank hoping to succeed in removing the ban.
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