UAE Central Bank halts move to increase minimum balance

REPORTS CLAIMED SOME BANKS MAY RAISE REQUIREMENT TO DH5,000

- ABU DHABI Gulf News Report

In a major new development, the Central Bank of the UAE yesterday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy’s impact on consumers.

In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution.