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UAE Central Bank Lowers Key Benchmark Rate To 3.90%
(MENAFN- Khaleej Times)
The UAE Central Bank has decided to cut the base rate on overnight deposit facilities by 25 basis points on Wednesday, October 29.
The rates, effective Thursday, October 30, have gone from 4.15 per cent to 3.90 per cent.
Recommended For You UAE President offers condolences to Saudi King over passing of Princess Nouf bint SaudThe apex bank's decision comes after the US Federal Reserve lowered its interest rates by 25 basis points on Wednesday, for the second time this year. The UAE follows US monetary policy as the dirham is pegged to the US dollar.
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