Taking out a loan is now cheaper as the UAE Central Bank has cut the benchmark interest rate.
It’s after the US Federal Reserve lowered its rates for the first time in more than a decade.
Bahrain and Saudi Arabia also followed suit as the currencies of these Gulf countries are pegged to the US dollar.
For consumers this means lower cost of borrowing for loans and mortgages.
UAE Central Bank approves resilience package to support banking sector
The UAE’s Central Bank (CBUAE) approved, on Tuesday, a wide-ranging financial resilience package aimed at strengthening the banking sector and supporting the wider economy amid global and regional uncertainty.
IEA members could release more oil stocks 'as and if needed,' agency chief says
Member countries of the International Energy Agency (IEA) could release more oil into the market later "as and if needed" after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday.
EU floats Black Sea model to unblock Strait of Hormuz
EU foreign policy chief Kaja Kallas said on Monday she had discussed with the United Nations the idea of freeing up transport of oil and gas through the Strait of Hormuz by replicating a deal that gets grain out of Ukraine during wartime.
US, China economic chiefs meet in Paris to clear path to Trump-Xi summit
Top US and Chinese economic officials launched a new round of talks in Paris on Sunday to iron out kinks in their trade truce and clear a smooth path for US President Donald Trump's trip to Beijing to meet with Chinese President Xi Jinping at the end of March.
Latest With Hit
Akhil Kavalayoor live on Radio Active
Latest With Hit
Watch Dona & Jean as they grove to SakkathaGavle !
Latest With Hit
Ted X speaker, AI trainer Raul John Aju giving us AI lessons.
