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Central Bank compliance for businesses in UAE

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Date1/15/2021 12:00:00 PM
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971 55 4145900971 55 4145900
971 55 4145900971 55 4145900
Covid affected all aspects of an economy that were expected to be spared because it went to that were thought of as secondary to the top ones that would get affected. Although the lifting of lockdown in the last quarter of 2020 seemed like the one that would pull the economy out of the strain it failed to do so exactly because of many reasons. The lockdown might’ve lifted but many people, businesses, and organizations suffered severe losses, and to not only spend the same but also visit and go about the usual outdoor activities like before was just as difficult as the rest of the last year.

Even though many outdoor activities were resumed and people were given the green flag to do, it was practically impossible to live life exactly the way it had been before the pandemic hit, and that left some strain on our overall economy. The central bank of UAE, with the policies put forward by our government authorities, introduced many programs to provide a stimulus for not only people whose livelihoods suffered but also the business that faced severe losses. The earlier prediction of contraction by the Central bank itself was 5.2% but it understandably was even more than that, the real GDP contraction ratio was close to 6%.

Many tourism and other avenues of business that were halted or postponed to 2021 are going to bring the much expected and anticipated growth back to its balancing figure. In this state, businesses need to be registered and in compliance with the central government through any of the central bank branches, which can be found out through searching for a central bank near me, to find whichever branch might be found nearby. Quantum Auditing is a financial accounting services firm that can assist you through any of the required financial services during this time of duress.
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