UAE central bank cuts cap on housing loans
Government carries out major increase in public spending
The Central Bank of the United Arab Emirates has removed a cap on housing market loans by the country’s banks, local media reported.
In October, the government repealed a regulation limiting housing loans to 20% of a bank’s deposits, local newspaper The National reported. The government had not imposed any new limit on banks’ housing loans, Abdul Aziz Al Ghurair, chairman of the federation of UAE banks, told the newspaper. The UAE’s central bank and its finance ministry do not appear to have
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