Image

Picture for illustration purposes only.

PHOTO BY ARCHIVE


UAE interest rates cut, now cheaper to take loans, credit cards

 

DUBAI – Taking loans, credit cards and mortgages will now be cheaper after the UAE Central Bank lowered interest rates on Thursday (August 1).

Central banks in Bahrain and Saudi Arabia also cut their interest rates by 25 basis points, following a similar move by the US Federal Reserve.

The US Federal Reserve said its historic decision to cut rates is to mitigate the risk of a possible economic slide.

In the UAE, interest rates are now set between 2 percent and 2.25 percent in efforts to drive consumer spending and boost economic growth. GAD/Expat Media

Share


ADVERTISE HERE Find or post new jobs, motor ads and classifieds

Explore Expat Media