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LOC02: 19
23:19 GMT
ABU DHABI, July 31 (KUNA) – The Central Bank of the United Arab Emirates (EPC) announced on Wednesday that it would reduce the interest rates applicable to its certificates of deposit as of Thursday.
The bank said in a statement issued by the Emirates news agency (WAM) that this corresponds to the decline in interest rates on the US dollar after the Federal Reserve's decision to reduce the fund rate 25 basis points at its meeting on Wednesday.
The repo rate, which applies to short-term borrowings from the central bank of the United Arab Emirates, will also be reduced by 25 basis points, the statement said.
Deposits issued by the Central Bank of Banks operating in the United Arab Emirates are the monetary policy instrument through which the effects of interest rate changes are transferred to the UAE banking system. (End)
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