UAE Central Bank cuts interest rates by 75bps

The Central Bank of the UAE yesterday lowered the interest rate on its repurchase of Certificate of Deposits (CDs) from 4.25 per cent to 3.50 per cent, in line with the decision of Federal Reserve which Monday cut the interest rates by 75 basis point to boost recession facing US economy.

The Federal Reserve cut the short term dollar interest rates, to make available cheap finance to fuel growth in the world largest economy. Source