(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 13th December, 2017 (WAM) -- The Central Bank of the UAE (CBUAE) has announced that effective Thursday, 14 December, 2017, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board's decision to increase the Federal Funds Rate by 25 basis points at its meeting of today.
The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points to 1.75%.
Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the
UAE banking system.
WAM/Hatem Mohamed
MENAFN1312201700610000ID1096231015
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