Gulf News published an article on the drop in the interest rates in the UAE. Souqalmal.com compiled the rates from 27 different banks and lenders across the UAE which suggested the decline in cost of borrowing.
“Change in interest rates usually depend on the bank discretion and is based on various macro-economic factors,” said Ambareen Musa, founder and CEO of souqalmal.com.
A number of UAE households have been hit by employment cuts and experiencing difficulty in the job market over the past year or so, as companies struggle to cope with the impact of oil price decline. As the slow economic environment persists, there’s been a surge in customer queries on borrowings.
For full article go to Gulf News