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UAE central bank raises base rate

Dubai: The Central Bank of the UAE (CBUAE) hiked the  Base Rate. The apex bank has hiked the rate  applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 4.90% to 5.15%. The new rate will come into effect from Thursday, 4th May 2023.

CBUAE took this decision as the US Federal Reserve increased the Interest on Reserve Balances (IORB) by 25 basis points.

Also Read: Forex Market: Indian rupee rises against US dollar 

The CBUAE also has 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.

 

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