UAE Central Bank Slashes Overnight Deposit Rate

The United Arab Emirates has reduced its base rate for overnight deposits by 50 basis points, lowering it from 5.40% to 4.90%. This financial policy adjustment follows the Federal Reserve's recent decision to cut interest rates by half a percentage point.

The United Arab Emirates slashed its base rate applied to the overnight deposit facility by 50 basis points on Wednesday, reducing the rate from 5.40% to 4.90%, according to a statement from the country's central bank.

This move comes in response to the Federal Reserve's decision to cut rates by half a percentage point.

Experts believe this adjustment could influence market liquidity and economic growth in the Gulf region.

(With inputs from agencies.)