March 21, 2020 / 4:35 PM / 12 days ago

BRIEF-UAE banks to ease pressure on customers hit by virus -WAM news agency

March 21 (Reuters) - State news agency WAM:

* UAE’S EMIRATES NBD, DUBAI ISLAMIC, MASHREQBANK AND COMMERCIAL BANK OF DUBAI TAKE MEASURES TO EASE ECONOMIC PRESSURES ON CUSTOMERS DUE TO CORONAVIRUS FROM APRIL 1 TO JUNE 30

* PRIORITY IN GRANTING SUPPORT MEASURES FOR MAIN SECTORS THAT CONTRIBUTE TO STATE ECONOMY, INCLUDING HEALTHCARE, AVIATION, HOSPITALITY, RETAIL, EVENT MANAGEMENT, CONSUMER GOODS AND EDUCATION

* MEASURES FOR THE ABOVE SECTORS INCLUDE OPTION TO RESCHEDULE LOANS, DELAYING LOANS, OR REDUCING LOAN INSTALLMENTS IF NEEDED

* BANKS REDUCE MINIMUM REQUIRED BALANCE FOR BUSINESSES TO 10,000 DIRHAMS

* MEASURES ALSO INCLUDE GRANTING GRACE PERIOD OF UP TO THREE MONTHS TO CUSTOMERS WHO OBTAINED RETAIL LOANS AND WERE PLACED ON UNPAID LEAVE

* OTHER MEASURES INCLUDE SCRAPPING OR REDUCING FEES, INCLUDING SOME REAL ESTATE AND FOREIGN EXCHANGE FEES (Reporting by Yousef Saba and Ahmed Tolba; editing by Jason Neely)

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