Dubai: The Central Bank of the UAE (CBUAE) has hiked the Base Rate applicable to the Overnight Deposit Facility (ODF). The rate is increased by 25 basis points – from 5.15 to 5.40%. The new rate will come into effect from Thursday, 27th July, 2023.
CBUAE took this decision as the US Federal Reserve increased the Interest on Reserve Balances (IORB) by 25 basis points.
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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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