UAE - Mubasher: The Central Bank of the UAE (CBUAE) has increased the base rate applicable to the overnight deposit facility (ODF) by 50 basis points, the Emirates News Agency (WAM) reported.

Effective 5 May 2022, this decision was taken after the board of the US Federal Reserve had raised on 4 May the interest on reserve balances (IORB) by 50 basis points.

In addition, the CBUAE has maintained the rate applicable to borrowing short-term liquidity through all standing credit facilities at 50 basis points above the base rate.