UAE Central Bank Keeps Base Rate at 3.65%

Abu Dhabi, July 29 (KUNA) -- The Central Bank of the United Arab Emirates decided today, Wednesday, to keep the base rate on overnight deposit facilities unchanged at 3.65 percent. The Emirates News Agency (WAM) reported that the decision came after the US Federal Reserve announced it would maintain the interest rate on reserve balances unchanged during its meeting held today. The agency added that the central bank also decided to keep the rate applied for borrowing short-term liquidity from the central bank through all existing credit facilities at 50 basis points above the base rate. (End) S.K.M. / H.S.S.