UAE – Mubasher: The Central Bank of the UAE (CBUAE) has maintained the base rate for the overnight deposit facility (ODF) at 5.40%.

The CBUAE has kept the interest rate for borrowing short-term liquidity at 0.50% above the base rate for all standing credit facilities, according to the Emirates News Agency (WAM).

The base rate, anchored to the US Federal Reserve’s interest on reserve balances (IORB), signals the general stance of monetary policy and provides an effective floor for overnight money market interest rates in the UAE.

On Wednesday, the Fed kept the target range for the federal funds rate between 5.25% and 5.50%.