Photo for illustrative purposes only.
PHOTO BY ARCHIVE
The Central Bank of the UAE (CBUAE) has decided to increase the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points, from 2.4% to 3.15%.
Following the US Federal Reserve Board’s announcement to raise the Interest on Reserve Balances (IORB) by 75 basis points on September 21, 2022, CBUAE’s decision was made effective on September 22.
The CBUAE has also 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.
The Base Rate, which is tied to the IORB of the US Federal Reserve, conveys the CBUAE’s monetary policy’s overarching direction. Additionally, it offers a valuable floor for overnight money market rates. BKM/ Expat Media
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