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UAE 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 75 basis points to 2.25 per cent on Wednesday, matching a US rate cut a day earlier.

The repurchase rate was 3 per cent on Tuesday, 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 0.75 per cent on Tuesday, its sixth rate cut since September, as part of an effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch. (Reuters)