UAE, 21 March, 2024 : The Central Bank of the UAE (CBUAE) has chosen to keep the Base Rate steady at 5.40%, as announced on March 20, 2024. This decision aligns with the US Federal Reserve's recent decision to maintain the Interest on Reserve Balances (IORB). Additionally, the CBUAE has opted to retain the interest rate for short-term liquidity borrowing from the CBUAE, set at 50 basis points above the Base Rate for all standing credit facilities.
The Base Rate, tied to the US Federal Reserve's IORB, serves as an indicator of the general direction of monetary policy in the UAE. It establishes a stable foundation for overnight money market interest rates within the country.
Source : www.centralbank.ae
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