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News Central Bank announces a cut interest rate
News Central Bank announces a cut interest rate | Central Bank announces a cut interest rate | | Print | |
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Abu Dhabi, Mar. 19, 2008 (WAM) -- The UAE Central Bank today announced a cut in the interest rate of its re-purchase of Certificate of Deposit (REPO) from 3% to 2.5% with effect from today, Wednesday, March 19, 2008. The move is in accordance with the new interest rate of the interest rate of the US Dollar Federal Funds (short term Dollar interest rate as determined by the US Federal Reserve Bank. A press release issued today by the UAE Central Bank said the REPO operation conducted by the UAE Central Bank with banks operating in the country is a mechanism through which the interest rate of the local currency, the Dirham, in is changed. |
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