The Central Bank of the UAE (CBUAE) has raised the base rate applicable to the Overnight Deposit Facility (ODF) to 75 basis points.
The change has already come into effect.
The decision was made after the US Federal Reserve Board announced the increase of the Interest on Reserve Balances (IORB) by 75 basis points.
The rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities will remain at 50 basis points above the base rate.