The Central Bank of the United Arab Emirates (CBUAE) has announced that the bank will maintain the base rate applicable to the overnight deposit facility (ODF) at 5.40 percent.
Publish dateThursday 1 August 2024 - 15:39
CBUAE added that it will maintain the interest rate applicable for borrowing short-term liquidity from CBUAE at 50 basis points above the base rate for all fixed credit facilities.
The base rate, which is linked to the US Federal Reserve's IORB, reflects the overall stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.
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Source : news agency wam
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