Central Bank increases base rate
The Central Bank of the United Arab Emirates has decided to raise the overnight deposit facility rate by 25 basis points, from 3.65% to 3.9%, effective September 17. This decision follows the Federal Reserve's announcement to increase its interest rate by approximately 25 basis points. Additionally, the bank kept the short-term liquidity borrowing rate at 50 basis points above the base rate, aiming to reinforce monetary policy, facilitate inflation control, and manage economic conditions.
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