UAE keeps key interest rate unchanged amid Iran war, mirroring US Fed move

Dubai: The Central Bank of the UAE (CBUAE) announced late Wednesday it has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 3.65%.

This CBUAE decision was taken following the US Federal Reserve's decision to leave interest rates unchanged.

"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.)