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ECCU economy contracts: Bank Loan deferrals over 16K
The EC dollar remains stable amid challenging economic times for the ECCU.
The Ninety-Eighth Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held on 12 February 2021, via videoconference, under the Chairmanship of Dr. the Honourable Timothy Harris, Prime Minister and Minister for Finance, Saint Christopher (St Kitts) and Nevis.
The meeting heard that the COVID-19 pandemic posed substantial economic and health related challenges to the Eastern Caribbean Currency Union (ECCU) in 2020.
The ECCU economy is estimated to have contracted by 15.0 percent compared to a projected pre-pandemic expansion of 3.2 percent. Tourism, the region’s dominant export, is estimated to have declined by 75.0 percent.
UAE: New banking guidelines to protect consumers
Waheed Abbas/Dubai
File photo
Banks, financial institutions will have to incorporate principles of responsible financing.
The UAE Central Bank has issued its first comprehensive financial consumer protection regulatory framework that defines the relationship between banks, financial firms and consumers.
Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank, said the financial sector in the UAE is growing and expanding in terms of diverse products and services and technology all of which add to the complexity for consumers to make the right decision. The new framework will ensure the protection of financial consumers and strengthen confidence in the sector.
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