Abu Dhabi, July 27 (BNA) The Central Bank of the UAE decided to raise the base rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points, effective Thursday, July 28, 2022.
This decision was made after the US Federal Reserve announced on July 27, 2022, an increase in the Reserve Balances Interest (IORB) by 75 basis points.
The Central Bank also decided to maintain the rate applicable to borrowing short-term liquidity from the Central Bank through all permanent credit facilities at 50 basis points above the base rate.
The base rate, which is linked to the US Federal Reserve Board IORB, indicates the general stance of the monetary policy of the UAE Central Bank. It also provides a lower bound on the effective interest rate for overnight money market rates.
insult