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UAE Central Bank hikes base rate

Dubai: The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points. The rate is hiked from 2.4% to 3.15%. The new rate will come to effect from today, September 22, 2022.

The CBUAE also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.

Also Read: Commodity Market: Gold price shoots up 

This decision was taken as the  US Federal Reserve Board hiked Interest on Reserve Balances (IORB) by 75 basis points. Earlier Qatar Central Bank also hiked the interest rates.

 

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