UAE Central Bank follows US Fed move, holds rates at 5.4%

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 5.40%.
This decision was taken following the US Federal Reserve left its key lending rate unchanged again on Wednesday and said it had made "some further progress" in its inflation fight, according to AFP.
Policymakers voted unanimously to maintain the US central bank's benchmark interest rate between 5.25 percent and 5.50 per cent, the Fed announced in a statement following two days of deliberations.
The CBUAE has also decided to maintain the interest rate applicable to borrowing short-term liquidity from the CBUAE at 50 basis points above the Base Rate for all standing credit facilities.
The Base Rate, which is anchored to the US Federal Reserve's IORB, signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.
The UAE's largest Gaza aid ship carrying a fully equipped field hospital and 7,166 tonnes of vital supplies has docked in Egypt's Al Arish Port on…
The United Arab Emirates is continuing its humanitarian mission in support of the Palestinian people in the Gaza Strip, carrying out the 62nd airdr…
The UAE has delivered a new batch of 65 tonnes of essential medical supplies to Gaza. The shipment of medicine and medical supplies was sen…