March 4, 2020 / 1:06 PM / a month ago

UPDATE 1-Emirates NBD cuts transaction tariffs due to coronavirus concerns

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DUBAI, March 4 (Reuters) - Dubai’s largest bank Emirates NBD is cutting transaction tariffs to help support businesses in the United Arab Emirates (UAE) which may be affected by the coronavirus outbreak, it said on Wednesday.

The bank said its transaction banking unit had decided to reduce tariffs over the next three months, in particular for customers using an online trade platform, in a move which it said “will help alleviate pressure by reducing operational costs.”

The decision is in line with government and central bank initiatives, Emirates NBD said.

The UAE central bank last week advised banks to reschedule loans and reduce fees and commissions to help mitigate the economic effects of the coronavirus outbreak.

The central bank on Tuesday cut key interest rates by 50 basis points, tracking an emergency move taken by the U.S. Federal Reserve to soften the impact of coronavirus.

The cuts could provide stimulus to a struggling non-oil private sector, which in the UAE has started to feel the impact of the coronavirus on exports and supply chains. (Reporting by Davide Barbuscia; Editing by Jan Harvey and Louise Heavens)

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