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UAE central bank increases base rate by 75 bps

UAE central bank increases base rate by 75 bps

Reuters · 07/27/2022 14:39
UAE central bank increases base rate by 75 bps

- The Central Bank of the United Arab Emirates said on Wednesday it was hiking its base rate by three quarters of a percentage point to 3.75% effective from Thursday, moving in parallel with the U.S. Federal Reserve's hike as its currency is pegged to the dollar.

The bank said it would maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate.


(Reporting by Yomna Ehab in Cairo; Writing by Yousef Saba in Dubai)

((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))