UAE Central Bank maintain benchmark interest rate
In a statement, the Central Bank said it was maintaining its Overnight Deposit Facility at 4.4 per cent. The decision was taken after the US Federal Reserve maintained its benchmark rate at 4.25-4.5 per cent.
The UAE follows US monetary policy as the dirham is pegged to the US dollar.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economy ME
5 minutes ago
- Economy ME
Crude oil prices rise above $71.8 amid new tariffs impacting Russian supply
Oil prices remained relatively stable on Friday following a decline of more than 1 percent in the previous session, as traders assessed the implications of newly imposed higher U.S. tariffs that could hinder economic activity and diminish global fuel demand growth. Brent crude futures increased by 4 cents, or 0.06 percent, reaching $71.74 a barrel by 12:01 GMT (currently trading above $71.8). Meanwhile, U.S. West Texas Intermediate crude rose by 1 cent, or 0.01 percent, to $69.27 (currently trading above $69.34). Despite this, Brent prices are set to achieve a weekly gain of 4.9 percent, while WTI is expected to rise by 6.4 percent after U.S. President Donald Trump earlier this week threatened to impose tariffs on buyers of Russian crude, particularly targeting China and India, in an effort to persuade Russia to cease its aggression against Ukraine. On Friday, however, investors were primarily focused on Trump's announcement of new, predominantly higher, tariff rates on U.S. trading partners, which are scheduled to take effect on August 1. Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on U.S. imports from numerous countries and territories, including Canada, India, and Taiwan, that failed to secure trade agreements by his August 1 deadline. Some analysts have cautioned that these levies will restrain economic growth by increasing prices, which could negatively impact oil consumption. On Thursday, indications emerged that existing tariffs are already exerting upward pressure on prices in the U.S., the world's largest economy and oil consumer. Read more: Oil prices fall to $73.08 as Trump's tariff threats mount, U.S. inventories rise Rising U.S. inflation and tariffs U.S. inflation rose in June as tariffs elevated costs for imported goods, such as household furniture and recreational products. This trend supports the notion that price pressures will intensify in the latter half of the year, potentially delaying the U.S. Federal Reserve 's decision to lower interest rates until at least October. Sustaining interest rates would also influence oil, as higher borrowing costs can restrict economic growth. Concurrently, Trump's threats to enforce 100 percent secondary tariffs on Russian crude buyers have buoyed prices due to worries that this could disrupt oil trade flows, removing some oil from the market. JP Morgan analysts noted in a report on Thursday that Trump's warnings to China and India regarding penalties for their ongoing purchases of Russian oil could jeopardize 2.75 million barrels per day of Russian seaborne oil exports. The two nations rank as the world's second- and third-largest crude consumers, respectively.
Zawya
5 minutes ago
- Zawya
South African rand drops to one-month low as tariff cloud hangs over interest rate decision
The South African rand was flat on Thursday, 31 July 2025 ahead of an interest-rate decision by the South African Reserve Bank (Sarb), as the country hopes to strike a trade agreement with the US before new US import tariffs take effect on 1 August. At 0729 GMT the rand traded at 17.9825 against the US dollar, near its previous close and its weakest in over a month. The risk-sensitive currency fell sharply on Wednesday, closing past 18 rand for the first time since 20 June 2025. South African goods face a 30% import duty in the US In exchange for reducing the rate, South Africa has offered to buy US liquefied natural gas, simplify rules for US poultry imports and invest $3.3bn in US industries including mining. The central bank is due to announce whether it will change its policy interest-rate later in the day. Economists polled expect a 25 basis-point cut. Andre Cilliers, currency strategist at TreasuryONE said if the bank lowers its main lending rate, it could be the last cut for the current cycle given the tariff unease. ETM Analytics said in a research note that "with such tariff uncertainty, it seems somewhat counterintuitive for the Sarb to be reducing interest rates". Investors will also look to June producer inflation and trade balance figures on Thursday for clues into the health of Africa's most industrialised economy. South Africa's benchmark 2035 government bond was weaker in early trade, with the yield rising one basis point to 9.82%. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Fintech News ME
33 minutes ago
- Fintech News ME
Abu Dhabi Finance Week 2025 to Return with Expanded Fourth Edition in December
Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council, Abu Dhabi Finance Week (ADFW) will return for its fourth edition from 8 to 11 December 2025. Organised by the ADGM, the international financial centre of Abu Dhabi, and headlined by ADQ, ADFW is set to expand significantly in scope and scale, with the upcoming edition expected to be twice the size of its predecessor. Centred on the theme 'Engineering the Capital Network', ADFW 2025 will explore the intersection of technological innovation and global finance. The term 'Engineering' reflects the growing application of advanced technologies such as artificial intelligence and quantum computing in financial systems, while 'Capital Network' refers to the evolving global capital flows and the increasing significance of the Gulf region as a financial hub. Abu Dhabi, once known primarily as a capital exporter, now plays a broader role in global markets, facilitated by institutional strength and a regulatory framework led by ADGM. Commenting on the event, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: 'ADFW 2025 is set to be our most ambitious edition of this hugely successful event. With this year's edition to be held at a new location and double in size from last year's ADFW venue, we are setting a new standard for financial gatherings in the region and beyond. This reflects Abu Dhabi's growing influence in global capital markets and our commitment to continue creating a truly international financial platform.' In recent years, ADFW has served as a platform for cross-border announcements, partnerships and institutional expansions. During the 2023 edition, global financial institutions with a combined US$450 billion in assets under management (AUM) announced plans to establish operations in ADGM. This trend continued in 2024, with institutions representing US$650 billion in AUM joining the ADGM ecosystem. ADFW benefits from the support of all three of Abu Dhabi's sovereign wealth funds and is backed by more than 50 local and international partners, underscoring its institutional reach. In 2024, ADFW welcomed over 20,000 participants including executives, policymakers and industry leaders, representing institutions managing a total of US$42.5 trillion in assets. The event featured more than 350 sessions across 60 forums, covering a range of topics such as global economic trends, asset management, technology and sustainability. Abu Dhabi continues to play a growing role in shaping the global financial landscape. In 2024, its sovereign wealth funds collectively managed approximately US$1.7 trillion in assets, reinforcing the city's position among the wealthiest globally and supporting its long-term investment capacity.
