Dubai – Mubasher: The Central Bank of the UAE (CBUAE) on Thursday announced that it has raised interest rates on the issuance of certificates of deposit.
“The Repo Rate applicable to borrowing short-term liquidity from the UAE’s Central Bank against certificates of deposits have also been increased by 25 basis points,” the bank said in a statement.
The CBUAE's move came after the US Federal Reserve raised interest rates by 0.25% to a range between 2.25% to 2.5%, for the fourth times this year.
In September, a number of GCC nations including the UAE, Saudi Arabia, and Qatar raised their interest rates after another hike by the US central bank.
