UAE interest rate unchanged at 5.4%

Thursday, 21 March 2024 07:08

By ARN News Staff

The Central Bank of the UAE (CBUAE) has maintained the Base Rate applicable to the Overnight Deposit Facility (ODF) at 5.40 per cent.

This decision follows the US Federal Reserve’s announcement on Wednesday to keep the Interest on Reserve Balances (IORB) unchanged.

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.

CBUAE maintains Base Rate at 5.40%#WamNews https://t.co/YOnQVT4J2y pic.twitter.com/uJFs3MkTxe
— WAM English (@WAMNEWS_ENG) March 20, 2024

More from Business

H.H. Sheikh Mohammed emphasises UAE's role as global hub for trade

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has visited the 31st edition of Gulfood, the world’s leading food and beverage sourcing event, marking the largest edition in its history.
Ajman to set up rental dispute resolution centre

A new Rental Dispute Resolution Centre will be established in Ajman to streamline the handling of landlord-tenant disputes and strengthen stability in the real estate sector.
H.H. Sheikh Hamdan witnesses expansion agreement for Hewi Dubai

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, witnessed the signing of a partnership agreement between Dubai Municipality, the General Construction Company and Binghatti, to develop Hewi Al Barsha and Hewi Muhaisnah.
India to slash tariffs on cars to 40% in trade deal with EU

India plans to slash tariffs on cars imported from the European Union to 40 per cent from as high as 110 per cent, sources said, in the biggest opening yet of the country's vast market as the two sides close in on a free trade pact that could come as early as Tuesday.