Central Bank of the UAE Keeps Base Rate Steady at 5.40%

UAE, 2 May, 2024 :  The Central Bank of the UAE (CBUAE) has opted to keep the Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40%. This decision aligns with the US Federal Reserve's choice to maintain the Interest Rate on Reserve Balances (IORB).

Additionally, the CBUAE has decided to uphold the interest rate for short-term liquidity borrowing from the central bank at 50 basis points above the Base Rate for all standing credit facilities.

Anchored to the US Federal Reserve's IORB, the Base Rate serves as an indicator of the overall monetary policy stance and acts as a floor for overnight money market interest rates within the UAE.

Source : www.centralbank.ae