On three to five-year maturity FCNR deposits, the rate ceiling
will be relaxed to 300 basis points above LIBOR.
In line with international interest rates to reduce the financial burden on the borrowers and to encourage banks to offer more credit to finance productive projects, the Board agreed to reduce the interest rate ceiling
on new personal loans offered by commercial banks operating in the Sultanate from 8% to 7% per annum starting from 1st April 2012.
Under the new agreement, the exemption will rise to $5 million and the rate ceiling
will drop to 35 percent.
The alert said it allowed a higher rate because it believes that CUs would not be able to cost-effectively operate a short-term small loan program with the 18% rate ceiling
The cap was a compromise reached between legislators and the executive branch and lower than the fixed rate ceiling
originally included in the bill, which was put forth by some legislators earlier this year.
The idea for a rate ceiling
came when the commission recently voted to lift the Energy Cost Adjustment Factor, a pass-through to ratepayers to cover the cost of fuel.
CII suggestions also include increase in tax refund rates by about five per cent, removal of seven per cent interest rate ceiling
on export credit and two per cent interest subsidy.
15 which would permanently remove the rate ceiling
on capacity-release transactions of one year or less.
POVERTY: A statutory interest rate ceiling
in the UK, in line with most other European countries, to protect the poorest families from exploitation by credit companies and loan sharks.
The Department of Trade and Industry said research had shown that introducing a rate ceiling
had a negative effect on low-income borrowers.
If a 50 per cent rate was introduced on earnings over pounds 50,000, and 60 per cent above pounds 100,000, the basic rate ceiling
could be lifted to pounds 50,000, cutting tax by pounds 2,680 a year, or more than pounds 51 a week.
If a 50 per cent rate was introduced on earnings over pounds 50,000 and 60 per cent above pounds 100,000, the basic rate ceiling
could be lifted to pounds 50,000, he was saying.
I believe that the ECB should keep its targeted interest rate ceiling
at its current level, while allowing exceptions for such special shocks as the price of oil.
In addition, to the extent that a government program is not funded, MBA recommended the legislation should increase the interest rate ceiling
so that the subsidy offered in today's interest rate environment is comparable to that of 1942.
Since July, individual banks in Hong Kong can set their own interest rates as the territory's banking cartel, Hong Kong Association of Banks, ended its role in deciding the local savings deposit rate ceiling
following full deregulation of interest rates.