The Central Bank of the UAE (CBUAE) has raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 4.90 per cent to 5.15 per cent, effective Thursday.
This decision was taken a day after the US Federal Reserve Board’s announcement to increase the Interest on Reserve Balances (IORB) by 25 basis points.
The CBUAE also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities.
The Central Bank of Saudi Arabia, Central Bank of Bahrain and Qatar Central Bank also raised their base rates following the announcement.
Parkin expands into Sharjah's Aljada with partnership with Arada
US states sue to block Paramount’s $110 billion Warner Bros Discovery deal
Dubai steps up coordination to boost supply chains, trade flow
Masdar reaches financial close for $6.1 billion 24/7 clean energy project
Volkswagen CEO says 50,000 more job cuts may be needed to close competitive gap
