Dubai: A member of the UAE's legislature demanded that the Governor of the Central Bank intervene to stop banks from overcharging their customers.
Yousuf Al Nuaimi, a representative from Ras Al Khaimah, complained against recent arbitrary hikes in bank fees and charges.
Al Nuaimi quoted Governor Sultan Nasser Al Suwaidi as said that the Central Bank of the UAE will intervene in the determination of bank fees and commission rates as "matters are getting out of control" with banks in the country continuing to hike their fees and commission charges.
"The governor said the Central Bank is considering a new regulation to control the excessive fees charged by some banks in the UAE. What are these regulations?" Al Nuaimi asked.
In a letter to the House, the Governor said new rules to regulate bank loans and other services were completed and awaited final approval from the board of the central bank.
The member said he was not sure whether this response was meant to answer his question. "I am speaking of bank fees and charges, while the governor's letter is addressing loans."