UAE Central Bank holds interest rates steady at 4.40%

The Central Bank of the UAE (CBUAE) decided on Wednesday to keep its base interest rate at 4.40 percent. This decision follows the US Federal Reserve's move to keep its own interest rates unchanged. The CBUAE also stated that it will maintain the interest rate for short-term borrowing at 50 basis points above the base rate. This applies to all standing credit facilities offered by the bank. The base rate is linked to the Federal Reserve's interest rate and reflects the overall monetary policy in the UAE. It acts as a guideline for overnight money market interest rates in the country.