UAE Central Bank maintains rates, following US move
The UAE Central Bank on Wednesday decided to maintain the base rate applicable to the overnight deposit facility (ODF) at 4.40 per cent.
The UAE's decision follows that of the US Federal Reserve, which decided to hold its interest rates. The UAE follows US monetary policy as the UAE dirham is pegged to the US dollar.
In a statement, the Federal Open Markets Committee decided to maintain the target range for the federal funds rate at 4.25 to 4.5 per cent. This was the third month in a row that the rates have remained the same.
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