UAE apex bank cuts interest rate
The Central Bank of the UAE has announced that it has lowered the interest rate on its repurchase of Central Bank CDs (Repo) from 3.50% to 3 % from Thursday.
A bank press release said today the new slash was in line with the new level of interest rate on U.S. Dollar Federal Funds (short-term Dollar interest rate as determined by the US Federal Reserve bank) .
The above Repo operation conducted by the Central bank with banks operating in the country, is the mechanism through which interest rate on the Dirham is changed. (WAM)
A bank press release said today the new slash was in line with the new level of interest rate on U.S. Dollar Federal Funds (short-term Dollar interest rate as determined by the US Federal Reserve bank) .
The above Repo operation conducted by the Central bank with banks operating in the country, is the mechanism through which interest rate on the Dirham is changed. (WAM)
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