Select customers have had their credit card limits reduced to Dhs5,000 by The National Bank of Ras Al Khaimah (RAKBANK) as the COVID-19 crisis continues.

“Based on a periodic review of our policy, the Credit Limit on your RAKBANK Credit Card has been revised to AED5,000,” customers were told last Thursday, in a decision that’s in line with the International Accounting Standards Board’s (IASB) response to a financial crisis.

Will this move by RAKBANK pave the way for other banks to follow suit to protect their porfolios?

Photo: Aiqing Wang for Getty Images