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, from 3.90% to 3.65%, effective from Thursday, 11 December.
This decision was taken following the US Federal Reserve’s announcement today to reduce the Interest Rate on Reserve Balances (IORB) by 25 basis points.
The CBUAE has also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at 50 basis points above the Base Rate for all standing credit facilities.
The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.
Story by WAM
Too late to say sorry? Singer-songwriter Justin Bieber has had a tumultuous relationship with his…
The UAE continues to consolidate its position as one of the most dynamic real estate…
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of…
One month after the launch of Iran’s aggressive missile and drone attacks against the United…
A period of unstable weather could affect parts of the UAE and Qatar from Monday…
Sharjah: Doctors at NMC Royal Hospital Sharjah have successfully diagnosed and treated a rare congenital…