Central Bank of the United Arab Emirates Order a commercial bank and insurance companies in the country Approved a moratorium on debt payments for 6 months after people and businesses were severely affected. from heavy rain and the worst flooding in 75 years
“The central bank has issued a notice to all commercial banks and insurance companies granting a six-month moratorium on personal and car loan repayments for weather-affected customers,” CBUAE said in a statement on Monday. ..)
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“Debt suspension will not charge a fee. Additional interest or profit or increase the principal amount,” the United Arab Emirates Central Bank said.
CNBC news agency reported that The announcement comes as a relief to the many residents of the United Arab Emirates (UAE) who have faced losses. and damage During the heavy storms that hit in just 12 hours between 16-17 April, the UAE experienced the equivalent of a year’s worth of heavy rain, resulting in heavy damage to businesses, vehicles and property.
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The National Meteorological Center revealed that Some areas of the UAE Experienced more than 100 millimeters (4 inches) of rain, the highest rainfall in 75 years, resulting in the government ordering the closure of offices, schools and banks.
Meanwhile, the UAE National Emergency and Disaster Management Agency warned citizens to stay at home. And park your car in a high area to avoid flooding.
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