Picture for illustration purposes only.
PHOTO BY ARCHIVE
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
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