UAE Central Bank Lowers Base Rate Following U.S. Federal Reserve’s Quarter-Point Cut
The Central Bank of the United Arab Emirates on Thursday night decided to cut the base rate applicable to the deposit facility (ODF) by 25 basis points from 4.90% to 4.65%, effective Friday, November 8.
The move follows the Federal Reserve’s decision to cut US interest rates by a quarter percentage point.
The U.S. Federal Reserve eased political uncertainty in Washington and moved ahead with a quarter-point rate cut on Thursday, further easing monetary policy as inflation continues to cool.
Policymakers voted unanimously to cut the U.S. central bank’s key lending rate from 4.50 percent to 4.75 percent, the central bank said in a statement, citing “generally easing labor market conditions.”