UAE Central Bank slashes interest rates

The UAE Central Bank announced today that it has slashed the rate on its re-purchase of Certificate of Deposit (REPO) by 50 basic points to 1 per cent with effect from today (Monday).

The decision was taken today at a meeting presided over by HE Khalil Mohammed Sherif Folathi, Chairman of the Board of Directors of UAE Central Bank after reviewing the interest rates in the regional and global markets.

Foulathi said that the move will support local economic activity and strengthen the trust and confidence in business.

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