UAE Imposes No Limit On Credit Card Interest Rates

By Administrator On May 31, 2012

The Central Bank of UAE has decided to not impose any limit on credit card rates, following a meeting with the country’s 23 national banks and 28 foreign units to discuss credit card fees, said Central Bank chairman Khalil Fouladhi.

He said a study conducted by the Central Bank on credit card interest rates also showed there was no need for imposing a ceiling although rates in the UAE are the highest in the region as they stand at 36 per cent against 24 per cent in the other members of the six-nation Gulf Cooperation Council (GCC), Emirates 24/7 reported.

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