The Central Bank of the UAE lowered its key benchmark rate to 4.15 percent on Wednesday.
In a statement, the UAE Central Bank announced that the base rates applicable to the overnight deposit facility have been reduced to 4.15 percent from the previous 4.4 percent.
This decision by the apex bank follows the US Federal Reserve’s reduction of its interest rates by 25 basis points on Wednesday, marking its first policy shift of the year. The UAE aligns with US monetary policy as the dirham is pegged to the US dollar.
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