CBUAE cuts interest rates on Certificates of Deposits as of Thursday

Abu Dhabi, August 1, 2019 WAM

The Central Bank of the UAE,CBUAE, announced that, effective, Thursday 1st August 2019, it will lower interest rates applied to the issuance of its Certificates of Deposits in line with the decrease in interest rates on US Dollar, following the Federal Reserve Board’s decision.

The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been decreased by 25 basis points, said the apex bank in a statement.

Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.