Following the reduction in the US prime rates, Mashreqbank bank has decided to reduce for the fifth time this year its prime lending rate to 6.75 percent. The bank’s rate cut will make it one of the lowest rates available in the Emirates, with the average rate in the country ranging between 7 and 7.5 percent.
The bank’s prime rate in January stood at 9.5 percent, but has since followed the footsteps of the US Federal Reseves by lowering the rate five times since, the most recent being a reduction of 25 basis points. Due to lower rates around the world, the bank strives to remain competitive so as not to lose customers to international competitors. —(MENA Report)
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