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UAE lowers interest rates after US cuts rates by 25 basis points

The UAE follows US monetary policy as the dirham is pegged to the dollar

Published: Wed 18 Dec 2024, 11:08 PM

Updated: Wed 18 Dec 2024, 11:28 PM

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Photo: File

Photo: File

The Central Bank of the UAE announced the lowering of its overnight deposit facility rate to 4.4 per cent, following the 25 basis point cut by the US Federal Reserve.

The UAE follows US monetary policy as the dirham is pegged to the dollar.

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Lower rates are likely to ease consumers’ debt load as loans are expected to get cheaper, analysts say.



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