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05-03-20
CBUAE to lower interest rates applied to issuance of its Certificates of Deposits
(MENAFN) From March 4, the Central Bank of the UAE will reduce interest rates applied to the issuance of its Certificates of Deposits in proportion to the drop in interest rates on USD, according to the Central Bank of the UAE (CBUAE).
The Federal Funds Rate was reduced by the US Federal Reserve Board by 50 basis points.
And by 50 basis points, the Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been reduced.
Certificates of Deposit, which CBUAE releases to banks operating in UAE, are the financial policy tool through which changes in interest rates are sent out to the UAE banking system.
MENAFN0503202000450000ID1099804577
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