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UAE Central Bank Lowers Key Benchmark Rate To 4.15 Per Cent
(MENAFN- Khaleej Times)
The Central Bank of the UAE on Wednesday lowered its key benchmark rate to 4.15 per cent.
In a statement, the UAE Central Bank said that the base rates applicable to the overnight deposit facility has been reduced to 4.15 per cent from 4.4 per cent earlier.
Recommended For YouThe apex bank's decision comes after the US Federal Reserve lowered its interest rates by 25 basis points on Wednesday, marking its first policy shift of the year. The UAE follows US monetary policy as the dirham is pegged to the US dollar.
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