CBUAE maintains Base Rate at 5.40%

Abu Dhabi, June 13 (BNA):  The Central Bank of the UAE (CBUAE) maintained the Base Rate applicable to the Overnight Deposit Facility (ODF) at 5.40%.

 

This decision was taken following the US Federal Reserve’s announcement today to keep the Interest Rate on Reserve Balances (IORB) unchanged, WAM reported.

 

The CBUAE has also maintained the interest rate applicable to borrowing short-term liquidity from the CBUAE at 50 basis points above the Base Rate for all standing credit facilities.

 

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.

 


 

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