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Interest rates in UAE tighten
- United Arab Emirates: Monday, September 29 - 2008 at 07:53
Interest rates in the UAE are tightening as a credit crisis deepens and banks prepare for the possibility of having to draw upon emergency cash from the central bank, reported Reuters. Interbank lending rates on Sunday climbed as banks scrambled for short-term cash to cover obligations and made preparations to access a Dhs50bn ($13.6bn) emergency lending window opened by the UAE central bank. One-month rates rose to 3.95625% compared to 3.7625% on Thursday, continuing its steady climb since early June.
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Jeff Florian, Senior ReporterMonday, September 29 - 2008 at 07:53 UAE local time (GMT+4)
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