| Kippreport.com

UAE banks need more bad loan provisions, says central bank

January 6, 2010 5:24 by kippreport

Although the UAE’s economy will see growth this year, banks in the country will have to make more provisions for bad loans, Sultan Nasser al-Suweidi, the UAE’s central bank governor told Al Arabiya television on Wednesday.

“The situation globally seems to have stabilized, which reflects on the UAE’s economy,” he said.

“[Bank] Provisions go up and down depending on the crisis … we are still in a crisis all around the world, although this has come down significantly, but the crisis still requires more provisions,” he added.

Tags: bad loans, banks, Economy, growth, UAE