UAE News Today : Business

CBUAE maintains Basic Rate at 5.40%


The Central Bank of the UAE (CBUAE) has decided to keep the base rate applicable to the overnight deposit facility (ODF) unchanged at 5.40%, effective Thursday, September 21, 2023.

This decision was made following the US Federal Reserve Board’s announcement on September 20, 2023 to keep the interest on reserve balances (IORB) unchanged.

He CBUAE has also decided to maintain the rate applicable to short-term liquidity loans of the CBUAE through all permanent credit lines at 50 basis points above the Base Rate.

The base rate, which is anchored to the US Federal Reserve’s IORB, signals the CBUAE’s overall monetary policy stance. It also provides a minimum effective interest rate for overnight money market rates in the UAE.

News source: Emirates News Agency


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