UAE – Mubasher: The Central Bank of the UAE (CBUAE) decided to decrease interest rates by 25 basis points (bps) after the US Federal Reserve cut interest rates for the second time since 2008.
Rates apply to the issuance of the CBUAE's certificates of deposits were cut by 25 bps, according to the Emirates News Agency (WAM).
“The repo rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been decreased by 25 [bps],” WAM reported.
On Wednesday, the Federal Reserve reduced the target range for its key interest rate by 25 basis points to a range between 1.75% and 2%, which was an expected decision that faced by a backlash from the US President Donald Trump.
