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Earlier, employees contributed 5 per cent to their monthly contribution salary while employers contributed 12.5 per cent
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Rates on certificates of deposit up
ABU DHABI — The UAE Central Bank announced yesterday that it has raised interest rates on certificates of deposit, which it issues to banks operating in the UAE, in line with the new level of inter-bank interest rates on US dollar deposits in international financial markets as from today.
Certificates of deposit, which the central bank issues to the said banks, are the mechanism through which interest rates on UAE dirham are changed in the banking system, and which banks use as benchmarks for accepting deposits as well as for extending loans to cuistomers.
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