UAE follows US Federal Reserve to leave rates unchanged

Inflation inching towards US central bank’s preferred levels

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A Staff Reporter

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A Christmas tree stands in front of the New York Stock Exchange. (Photo: AP)
A Christmas tree stands in front of the New York Stock Exchange. (Photo: AP)

Published: Wed 13 Dec 2023, 11:05 PM

Last updated: Wed 13 Dec 2023, 11:13 PM

The Federal Reserve on Wednesday left interest rates unchanged for a third straight time at 5.25 per cent to 5.5 per cent, as inflation heads toward the US central bank’s 2 per cent goal.

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

Inflation by the Fed’s preferred measure, the personal consumption expenditures price index, dropped to 3 per cent in the latest reading, from more than 7 per cent at its peak in the summer of 2022.

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