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 4.15% to 3.90%, effective from Thursday, 30 October.
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.
From Emirates 24/7
From a darkly comic tale of revenge to a beautiful contemplation on friendship, here are…
You don’t have to travel across the pond to find this star-approved shoe style. During…
Borouge International and BlueAlp are working with Woosh to chemically recycle disposable baby diapers into pyrolysis oils for producing new…
By the time you reach your eighth decade of life, the chances are that you'll…
In July 2024, a European Union law came into force requiring plastic bottle caps to…
Children are less physically active than they used to be. Scientists are now finding practical…