FINANCIAL NEWS

UAE to create Federal Credit Bureau

05 Apr 2010

(MENAFN) The Ministry of Finance said in a statement that the government is planning to establish a Federal Credit Bureau to provide credit information, a move that will ensure transparency in financial policy making, Gulf News reported.

The ministry has initiated a study to create a Federal Credit Bureau that will be a center for individual and corporate credit information services at the level of the government, it said in the statement.

The bureau will collect and document credit information from various financial authorities, companies, establishments, individuals and banks in the UAE, in addition to classifying and analyzing them, the ministry added.

Financial and legal experts have welcomed the move, calling it a long overdue step that was required to boost macroeconomic stability of the country.

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