The UAE dirham is pegged to the American dollar
Photo: File
The UAE Central Bank followed the Fed’s decision to keep the base rate applicable to its overnight deposit facility at 4.4 per cent.
The UAE follows the US monetary policy as the dirham is pegged to the US dollar.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Earlier, after three interest rate cuts in a row, the US Federal Reserve left its rates unchanged. The US central bank left its target range between 4.25 to 4.5 per cent.
Got an interesting story to tell in the UAE? We want to hear all about it. Write to the nation's best reporting team, as we cover the emirates like no one else.