UAE central bank raises interest rates by 25 bps
The central bank was acting after the US Federal Reserve hiked rates by 25 bps.
The UAE central bank (CBUAE) said on Wednesday it was raising its repo rate by 25 basis points, and also raising interest rates on the issuance of its certificates of deposit in line with the increase in US dollar rates.
The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points.
Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.
(With inputs from Reuters)
April output rises by 30,000 bpd on Iran. READ MORE
Pakistan has joined the digital currency race a bit late and... READ MORE
Pakistan has received more than $1.1 billion foreign exchange inflows ... READ MORE
FiLLi Café has announced the signing of a new franchise... READ MORE
Sheikh Abdullah offered condolences to all victims of the fighting. READ MORE
It is expected to spend around three months there. READ MORE
The WHO urged wealthy countries to stop vaccinating children and... READ MORE
Filipino expats suggest vaccinated people and those who lost their... READ MORE