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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