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CBUAE maintains Basic Rate at 5.40%

The Central Bank of the United Arab Emirates (CBUAE) has decided to keep the base rate applicable to the overnight deposit facility (ODF) unchanged at 5.40 percent.

This decision was made following the US Federal Reserve Board’s announcement on November 1, 2023 to keep interest on reserve balances (IORB) unchanged.

He CBUAE It has also decided to maintain the rate applicable to short-term liquidity loans from 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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