UAE's Central Bank Cuts Interest Rate By 25 Basis Points
Date
11/7/2024 7:09:50 PM
(MENAFN- Kuwait News Agency (KUNA))
ABU DHABI, Nov 7 (KUNA) -- The Central bank of the UAE (CBUAE) decided Thursday to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points, from 4.90 percent to 4.65 percent, effective from tomorrow.
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, Emirates News Agency (WAM) reported, citing a statement from the bank.
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. (end)
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