CBUAE lowers Base Rate by 50 basis points

ABU DHABI, 18th September, 2024 (WAM) -- The Central Bank of the UAE (CBUAE) has decided to cut the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points, from 5.40 to 4.90 percent, effective from 19th September.

This decision was taken following the US Federal Reserve's announcement today to reduce the Interest Rate on Reserve Balances (IORB) by 50 basis points.

The CBUAE has also