Depositors looking for higher returns on their cash balances this year could be in for a tough time as interest rates have dropped and seem to be heading lower.
According to Preeti Bhambri, managing director and founder of MoneyCamel.com, a personal finance site in the UAE, investment options for savers “are sparingly few”, with rates “decreasing by the month” and likely to fall further.
“Rates have dropped by almost 50 basis points in the last one year,” she told Gulf News.
Deposit interest rates in UAE banks continue to drop | GulfNews.com
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