UAE Central Bank holds benchmark rate, following US Fed move

The UAE decided to hold its benchmark interest rate on Wednesday, following a similar move by the US Federal Reserve.

In a statement, the Central Bank of the UAE said that it has decided to hold the base rate applicable to the Overnight Deposit Facility (ODF) at 3.65 per cent, the same as last month.

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The UAE follows US monetary policy as the UAE dirham is pegged to the US dollar. The rate was lowered by 25 basis points in December.

Written by

Somshankar Bandyopadhyay

• 

Somshankar Bandyopadhyay is a News Editor with close to three decades of experience. Currently, he manages the business section, ensuring that the top economic and business news of the day reaches its readers.