The Central Bank of the United Arab Emirates (CBUAE) has announced that it will reduce the interest rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points (from 4.65% to 4.40%). The decision will be effective from Thursday, December 19, according to the announcement.

According to Amac News: The decision follows the announcement today by the US Federal Reserve to reduce the Interest Rate on Reserve Balances (IORB) by 25 basis points.
The CBUAE has also decided to maintain the interest rate on short-term liquidity borrowings from the CBUAE at 50 basis points above the base rate for all standing 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.