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Yousef Al Bastanji (Abu Dhabi)
The interbank rate offered by the UAE (EIBOR) increased by 24 basis points in July to 3.25% yesterday, against 3.01% at the beginning of the month, according to the prices. Published yesterday by the Central Bank.
The price of Ibor is the basic price of most banks in the country, in the equation to determine the interest rate for loans and facilities provided by banks to customers in all sectors of the country's business.
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Most banks operating on the local market re-evaluate the interest (up or down) on existing loans and facilities, based on changes in the price of Ibor, except for loans and facilities of which Signed Financing Contracts Change it throughout the repayment period.
Banks adjust interest rates on existing loans every year or every six months, depending on the contract, and based on the approved base rate Some banks rely on the six-month APRR rate or 39, one year.
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APOR at 6 months rose 6 basis points over the same period to 2.76% yesterday, compared to 2.7% in early July. … more
The news (interest rates go up on the dirham for a year in July) are cited from the website [Al-Ittihad]
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Tags dirham interest July Rates rise year
