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Bank Lending will be Increased by UAE

UAE : 01 March 2010

Banks in UAE have raised interest rates and are hesitant to lend because they are waiting for the restructuring of 26 billion US Dollar debt by state controlled Dubai World. Economists say that the high interest rates will hamper the country’s recovery from global financial crisis. Dubai-bsed economist at EFG-Hermes Holding, Monica Malik said that the best technique to beef up liquidity was to boost government deposits in the banking system. Banks are facing shortage of deposits. EIBOR touched 2.20875 per cent last week, which is highest in the last six months.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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