UAE central bank cuts interest rates by 50 bps

The Central Bank of the UAE, CBUAE, said on Tuesday that it was cutting interest rates on certificates of deposit in line with US dollar rates, after the US Federal Reserve Board's emergency decision to cut rates by 50 basis points.
The UAE central bank said its repo rate for borrowing short-term liquidity had also been cut by 50 bps.
Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.
The US Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world's largest economy from the impact of the coronavirus.