UAE central bank cuts interest rates by 25 basis points

The Central Bank of the United Arab Emirates on Wednesday decided to reduce the repo rates for short-term liquidity borrowing from the central bank by guaranteeing deposit certificates of 25 basis points.

"This corresponds to the decline in interest rates on the dollar after the Federal Reserve's decision to reduce the federal funds rate by 25 basis points at its meeting on Wednesday," he said in a statement. a statement.

In a statement, the central bank of the United Arab Emirates also announced a 25 basis point reduction in the benchmark deposit rate as of Thursday.

Central Bank deposit certificates for banks operating in the UAE are the monetary policy instrument through which the effects of interest rate changes are transferred to the UAE banking system.