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FINANCIAL NEWS
UAE’s CB to lower interest rate cap on credit cards by up to 50%
31 Jan 2012
(MENAFN) An official at the UAE central bank stated that the bank is working on the final version of rules that would put an eighteen percent ceiling on credit card interest rates paid to banks, reported Al Khaleej.
The official said that the new regulation aims at reducing bad loans in the country.
With the new regulations, interest rate caps would be cut by up to fifty percent as, currently, banks are charging a maximum interest rate of between 27 and 36 percent.
It is worth noting that the global financial crisis which hit back in 2008 led to the country’s economy falling by 1.6 percent. The country suffered from the crisis effect on bad loans.
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