UAE C. Bank ups interest rates on deposit certificates

Abu Dhabi – Mubasher: The Central Bank of the UAE (CBUAE) has raised interest rates on the issuance of certificates of deposit in parallel with the increase in interest rates on the US Dollar.

The decision follows a similar move taken by the US Federal Reserve late Wednesday, when it raised its Federal Funds Rate by 25 basis points.

“The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points to 2.25%,” the UAE central bank revealed.

In March, GCC central banks followed the Fed in raising interest rates.

Mubasher Contribution Time: 14-Jun-2018 09:26 (GMT)
Mubasher Last Update Time: 14-Jun-2018 09:34 (GMT)

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