UAE Central Bank maintains Base Rate at 5.4%

Thursday, 14 December 2023 08:34

By ARN News Staff

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate to the Overnight Deposit Facility (ODF) without change at 5.40 per cent.

This is following the US Federal Reserve’s announcement on Wednesday to keep the Interest on Reserve Balances (IORB), to which the base rate is anchored, unchanged.

The Central Bank has also decided to maintain the interest rate on borrowing short-term liquidity from the CBUAE at 50 basis points above the Base Rate for all standing credit facilities.

The Base Rate signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.

The #CentralBankUAE has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40%. pic.twitter.com/91O9sxn18C
— Central Bank of the UAE (@centralbankuae) December 13, 2023

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