UAE cuts base rate by 25 bps

The Central Bank of the UAE (CBUAE) reduced on Wednesday its Base Rate for the Overnight Deposit Facility by 25 basis points, lowering it from 4.40 per cent to 4.15 per cent, effective Thursday.

The bank stated that the move follows the US Federal Reserve’s 25-basis-point cut to the Interest Rate on Reserve Balances. Moreover, the CBUAE maintained borrowing rates for short-term liquidity at 50 basis points above the Base Rate.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser