Increase of Base Rate; Effective 15th of June 2017

Thursday, June 15, 2017

In line with the UAE Central Bank’s decision on June 15th, 2017 to raise interest rates by 0.25%, we hereby inform you that there is an increase of 0.25% in CBI’s base rate (“Base Rate”) with effect from June 15th, 2017. The revised rate is applicable from that date on all existing loans and financing that are priced using the Base Rate.

Products with rates that are either fixed or based on some other published rate, such as LIBOR and EIBOR, will not be impacted by the above revision and the related contracted rates will remain unchanged.