Dubai: The Central Bank of the UAE (CBUAE) announced a pause on interest rate hikes. The apex bank has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) unchanged at 5.15%. This will be in force from today, 15th June, 2023.
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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This decision was taken following the U.S. Federal Reserve Board’s announcement to keep the Interest on Reserve Balances (IORB) unchanged.
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