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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’s announcement on December 13 to keep the interest on reserve balances (IORB) unchanged.
He CBUAE It has also decided to maintain the interest rate applicable to short-term liquidity loans from the CBUAE at 50 basis points above the base rate for all permanent credit lines.
The base rate, which is anchored to the US Federal Reserve’s IORB, signals the overall monetary policy stance and provides an effective floor for overnight money market interest rates in the UAE.
News source: Emirates News Agency
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