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The Central Bank of the UAE (CBUAE) on Wednesday maintained its overnight deposit facility base rate at 3.65%. The decision followed a similar move by the US Federal Reserve, which continued to hold the federal funds rate unchanged at 3.50%-3.75% at its June meeting. The UAE’s monetary policy remains closely aligned with that of the Fed, as the dirham is pegged to the US dollar. “This decision was taken following the US Federal Reserve’s announcement today to keep the Interest Rate on Reserve Balances (IORB) unchanged,” the central bank said in a statement. The central bank 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.
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