Increase in the Base Rate
Thursday, December 17, 2015
In line with the UAE Central Bank’s decision on December 17th, 2015 to raise rates by 0.25%, we hereby inform you that there is an increase of 0.25% in the CBI’s base rate (“Base Rate”) with effect from December 20th, 2015. The revised rate is applicable from that date on all existing loans and financing that are priced using the Base Rate.
Products with rates that are either fixed or based on some other published rate, such as EIBOR, will not be impacted by the above revision and the related contracted rates will remain unchanged.
Should you require any further information please contact your Relationship Manager.