The UAE follows US monetary policy as the dirham is pegged to the dollar
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.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Lower rates are likely to ease consumers’ debt load as loans are expected to get cheaper, analysts say.
ALSO READ: