UAE Central Bank Maintains Key Interest Rate

The UAE Central Bank has kept its base rate for overnight deposits at 3.65%, following the US Federal Reserve's decision to hold rates steady. The bank also maintained the lending spread.

The UAE Central Bank has decided to maintain the 'base rate' for overnight deposit facilities at 3.65%. This decision comes following the US Federal Reserve's announcement to keep the interest rate on reserve balances unchanged at its meeting held today. Additionally, the Central Bank has also maintained the rate applicable for borrowing short-term liquidity from the Central Bank through all existing credit facilities at 50 basis points above the base rate.

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