Central Banking

Emirates central bank to introduce direct debit system

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The Central Bank of the UAE is to introduce a direct debit payment system in the United Arab Emirates, in a move designed to eliminate the current practice of signing several post-dated cheques to pay off loans in instalments.

The new system will, said the central bank, "enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan instalments".

The bank said the move is in line with the UAE government's strategy to

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