11.01 AM Thursday, 7 November 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:11 06:26 12:05 15:13 17:38 18:54
07 November 2024

UAE central bank reduces repo to match Fed cut

Published
By Agencies

 

The United Arab Emirates, which pegs its dirham to the dollar, reduced its over-night repurchase rate by 50 basis points to 3 per cent on Thursday, matching a US rate cut a day earlier.

 

The repurchase rate was 3.5 per cent on Wednesday, the central bank said. The repo, introduced in November, is the UAE benchmark and sets the rate at which banks borrow funds from the central bank.


The Fed reduced its benchmark by half a percentage point on Wednesday, its second rate cut in eight days, as part of an effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch. (Reuters)