Central Bank hikes interest rates on Certificates of Deposits

The Central Bank of the UAE, CBUAE, has announced that, as of today, Thursday, December 15th, 2016, it has raised interest rates applied to its Certificates of Deposits in line with the increase in the interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting on December 14th, 2016.

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.

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