U.A.E.’s Central Bank Will Cap Card Interest, Al-Khaleej Says

The United Arab Emirates’ Central Bank will cap credit-card interest at less than 18 percent annually, Al-Khaleej newspaper reported, citing an unidentified central bank official.

Banks currently charge 27 percent to 36 percent annually. The cap will be included in new rules the central bank has completed and will announce in February, the newspaper said.

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.