The Central Bank of the United Arab Emirates (UAE) decided on Wednesday to raise the base interest rate by 25 basis points to 5.40 percent, effective Thursday, the state news agency WAM reported.
The decision was taken after the U.S. Federal Reserve raised its key interest rate by 25 basis points to a range of 5.25-5.5 percent.
The rate on borrowing short-term liquidity from the central bank through all standing credit facilities remains unchanged at 50 basis points above the base rate, said WAM.
Source: Xinhua Finance Agency