May 22 2009 |
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UAE: Central Bank mulls changing interest rates on personal loans
ABU DHABI - The Central Bank said yesterday it was considering changing interest rates on personal loans and the enactment of new legislation on dormant accounts. The bank discussed the new laws and other issues at its board meeting."The board reviewed a proposal for amending interest rates and charges on personal loans in addition to charges and commissions charged against services rendered to individual customers, and the Board decided to seek banks opinions on the system," it said in a statement.
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Comments By Our Users (1)
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said on Thursday that there will be no change in the UAE's monetary policy and that the dirham will remain pegged to the dollar (1)
Despite the UAE Central Bank thus more or less following interest rate cuts by the US central bank, the Federal Reserve, the UAE Central Bank is considering changing interest rates on personal loans, upwards I suppose, thereby leaving many potential borrowers facing huge costs relating to their borrowing,
As a result of the credit crunch many people now find it difficult to get affordable unsecured personal loans, with banks having to increase their rates to make up for the losses incurred as a result of higher inter-bank lending costs.
That’s the result of the dollar peg ...
NOTE
(1)
UAE has most suitable financial infrastructure in region: Al Mansouri
Gulf News
Friday, May 22, 2009
http://www.zawya.com/Story.cfm/sidGN_22052009_10315854/UAE%20has%20most%20suitable%20financial%20infrastructure%20in%20region%3A%20Al%20Mansouri
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