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UAE central bank reduces repo to match Fed cut

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)