The minimum overnight interest rate for interbank funds in the United Arab Emirates remains at 4.40%. This decision by the Central Bank came after the announcement from the Federal Reserve System of the USA regarding the maintenance of the interest rate on reserves unchanged at today's meeting.
The Central Bank also maintains the level of the interest rate applied to short-term borrowing from the Central Bank through all available credit mechanisms, at 50 basis points above the basic rate. The interest rate related to the interest rate on reserves, affirmed by the Federal Reserve System of the USA, determines the overall positioning of monetary policy, providing the minimum level of the effective interest rate in the interbank funds market overnight in the country.
The decision of the Central Bank came after the announcement from the Federal Reserve System regarding the maintenance of the interest rate on reserves unchanged.
