UAE Central Bank lowers key benchmark rate to 4.15 per cent

The Central Bank of the UAE on Wednesday lowered its key benchmark rate to 4.15 per cent.

In a statement, the UAE Central Bank said that the base rates applicable to the overnight deposit facility has been reduced to 4.15 per cent from 4.4 per cent earlier.

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The apex bank’s decision comes after the US Federal Reserve lowered its interest rates by 25 basis points on Wednesday, marking its first policy shift of the year. The UAE follows US monetary policy as the dirham is pegged to the US dollar.

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Written by

Somshankar Bandyopadhyay

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