The UAE Central Bank has told lenders in the country to urgently supply it with reports on interest rates and fees they impose on credit cards in a move that could be a prelude to impose ceilings on such rates.
According to the Sharjah-based Arabic language daily Al Khaleej, the Central Bank made the request in a letter sent to the 23 national banks and 28 foreign units on Thursday morning, asking them to provide the information before the end of the work hours on that day.
The paper said rates on credit cards in the UAE are the highest in the six-nation Gulf Cooperation Council (GCC) as they range between 27 and 36 per cent compared, for example, with 18 per cent in Kuwait and Qatar.
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