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UAE interest rate cut a bad move
- United Arab Emirates: Thursday, January 24 - 2008 at 07:39
Yesterday's decision by the UAE Central Bank to cut its repurchase rate by 75 basis points is a negative development for the UAE as the interest rate cut would only stoke inflation, something the UAE can ill-afford, rising to a much higher double-digit figure than currently, said Shaikh Sultan bin Saud Al Qasimi, chairman of Barjeel Geojit Securities and managing director of the Sharjah-based Al Saud group, reported Khaleej Times. Cheaper money will only fuel consumption and, in particular, push up property prices, he said.
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Amena Bakr, Senior ReporterThursday, January 24 - 2008 at 07:39 UAE local time (GMT+4)
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