Dubai: The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate. The Base Rate applicable to the Overnight Deposit Facility (ODF) is increased by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022.
This decision was taken as the US Federal Reserve Board hiked Interest on Reserve Balances (IORB) by 50 basis points.
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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.
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