CBUAE lowers interest rates by 25 basis points
This decision follows the US Federal Reserve’s announcement to reduce the Interest Rate on Reserve Balances (IORB) by 25 basis points.
Dubai Desk
The Dubai Desk reports on major developments across the UAE, covering news, culture, business, and social trends shaping the region.
The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points.
WAM
The Central Bank of the UAE (CBUAE) has announced a reduction in the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, lowering it from 4.65% to 4.40%. The change will take effect on Thursday, 19 December, according to the Emirates News Agency (WAM).
The decision follows the US Federal Reserve’s announcement to reduce the Interest Rate on Reserve Balances (IORB) by 25 basis points.
Additionally, the CBUAE has decided to maintain the interest rate on borrowing short-term liquidity from the central bank at 50 basis points above the Base Rate for all standing credit facilities.
The Base Rate, anchored to the US Federal Reserve’s IORB, reflects the monetary policy stance and provides an effective floor for overnight money market interest rates in the UAE, WAM stated.
Comments
See what people are discussing