Following the US Federal Reserve Board’s announcement, keep the key interest rates unchanged, the Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility without change at 5.40%, effectived from yesterday, Thursday, 21 September 2023. The CBUAE has also decided to maintain the rate applicable to borrowing short-term liquidity from the apex bank through all standing credit facilities at 50 basis points above the Base Rate.
ALSO READ: WORLD: UAE Embassy issues advisory to citizens in New Zealand after floods
Though the US Fed left the rates unchanged, a move widely predicted by analysts, it has signalled one more rate hike this year, indicating that borrowing costs will likely stay higher for a longer time. “Officials are prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objective,” Fed Chairman Jerome Powell said in a statement published after the Federal Open Market Committee meeting.
ALSO READ: FOOTBALL: Lionel Messi and Inter Miami return to MLS action
Most of the GCC central banks follow the Fed’s policy regarding interest rates as their currencies are pegged to the US dollar.
Source: web
FOR MORE NEWS CLICK HERE
-
Wynn Al Marjan Island Begins Hiring Spree Ahead of 2027 Launch
Luxury Gaming Resort in Ras Al Khaimah Lists First Job Openings Ras Al Khaimah, UAE – Wynn Al Marjan Island, the UAE’s first integrated gaming resort, has officially launched its careers page, inviting professionals to join its team ahead of its 2027 opening. Current Job Openings The $3.9 billion mega-resort has listed seven key vacancies so far, including: More positions will be announced…
-
UAE Weather Update: Fair Skies with Rising Humidity Expected on Friday
Dubai, UAE – The National Centre of Meteorology (NCM) has forecast generally fair weather across the UAE on Friday, April 25, with partly cloudy skies at times. Key Weather Conditions: Temperature Outlook: Residents and travelers are advised to stay updated on weather conditions, especially those driving early on Saturday when mist could reduce visibility. —Source: National Centre…
-
UAE-India Flights Face Delays as Pakistan Closes Airspace to Indian Airlines
Dubai, UAE – Flights between the UAE and India could experience significant delays and longer routes after Pakistan announced the immediate closure of its airspace to all Indian-owned and operated airlines on Thursday. The move comes amid escalating tensions between India and Pakistan following a deadly terrorist attack in Jammu and Kashmir earlier this week. Immediate…