Interest Rate on Card Payments Increases for Third Time in 2017
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- The Central Bank of the UAE said it will raise interest rates by 25 basis points in line with the US Federal Reserve board’s decision to increase the policy rate
- The increase in interest rate will be applied to the issuance of its certificates of deposits with effect from Thursday, 14th December 2017
- The Central Bank said repo rate applicable to borrowing short-term liquidity against certificates of deposits has also been increased by 25 basis points to 1.75%
- The Federal Reserve lifted its benchmark short-term rate by a quarter percentage point to a range of 1.25%-1.5% due to a projected short-term jump in US economic growth
- The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in UAE
- The Federal Reserve System is the central banking system of the United States
- The US Federal Reserve has forecast three hikes for 2018, following the trend of the three hikes in 2017
- The Federal Reserve has raised its key rates five times since the recovery from the Great Recession began in 2009
- Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate
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