“The Central” responds to the demands of the customers … and the application of the 5000 dirhams is suspended “a minimum for the bank account”

The central bank asked all banks operating in the country yesterday, to suspend any increase in the minimum balance, in a circular issued yesterday, and the Emirates Today obtained a copy of it.

In turn, dealers praised the decision of the Central Bank, the suspension of increasing the minimum balance to 5,000 dirhams, which some banks announced their intention next June.

It is noteworthy that the “Emirates Today” published, earlier, the intention of some banks to increase the minimum balance to 5,000 dirhams, instead of 3000 dirhams, which was widely criticized among the public.

Dealers expressed their satisfaction with the decision, describing the speed of the “central” response as taking into account the conditions of people.

Through the accounts of «Emirates Today» on social media platforms, they stressed that a large group of dealers is less than 5,000 dirhams.

The Central Bank’s circular states that “by referring to what was published in newspapers and communication channels on the intention of some banks increasing the minimum balance to 5,000 dirhams, it is noteworthy that the central bank decided to study the impact of this increase in customers, so banks must suspend the increase in the minimum balance, and not apply until further notice.”

For his part, the banking expert, Ahmed Youssef, said that “the speed of response to a decision to comment reflects the regulation of the central bank a regulatory and regulatory authority that takes into account the interests of all parties, and is keen to stabilize the financial system in the country, and ensure the provision of banks operating in the market is the best services and affordable prices that suit all segments.”

“The comprehensive view of the country’s banking sector, shows a significant increase in the volume of deposits, and the increase in the number of customers and investors, and this requires continuing to apply the best standards in force globally.”

He indicated that “it is good for the proposal, to put categories or slides of the minimum balance required of work according to the monthly income in a manner that guarantees the groups that receive a salary less than 5,000 dirhams, for example, not to be deducted from its balance and so on,” adding: “Right banks have a large operating cost, but a solution can suit the categories with low income, retirees or students.”

For its part, the banking expert, Sheikha Al -Ali, said: “We are accustomed to the (central) response to the speed of response, amending and reviewing decisions according to the needs of the market, customers and banks, and this is one of the most important reasons that create a great smoothness in the financial system of the UAE and raise the classification of its banks.”

She added: «It is not logical to deal with salaries with the same drawing, and with the minimum the required balance itself, so I imagine that the (central) after studying the effects of the increase on customers reach a solution that satisfies all parties, as customers can be divided into categories or slices according to the salary value, for example, and whoever receives a salary of 30 thousand dirhams or more, does not constitute a fee of 100 dirhams Of their salaries, 5,000 dirhams or less, and so on. ”

The Central Bank’s decision came in response to what was published by «Emirates Today» over the past week, from the intention of some banks to raise the minimum balance of 3000 dirhams, to 5,000 dirhams, with an increase in the monthly fee to 105 dirhams, which was widely criticized by customers and readers.