UAE Central Bank follows Fed decision, holds interest rates
The UAE Central Bank adjusted the base rate applicable to its overnight deposit facility to 4.4 per cent, in line with the Fed decision.
As its currency Dirham is pegged to the US dollar, which means the UAE has to follow US monetary policy.
As a reminder, the US Federal Reserve kept its money rate steady earlier, after three cuts in a row. The US central bank kept its target range between 4.25 to 4.5 per cent.
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