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The Central Bank of UAE has decided to not impose any limit on credit card rates, following a meeting with the country’s 23 national banks and 28 foreign units to discuss credit card fees, said Central Bank chairman Khalil Fouladhi.
He said a study conducted by the Central Bank on credit card interest rates also showed there was no need for imposing a ceiling although rates in the UAE are the highest in the region as they stand at 36 per cent against 24 per cent in the other members of the six-nation Gulf Cooperation Council (GCC), Emirates 24/7 reported.
