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UAE and Qatar keep rates steady in line with US Fed

By Pramod Kumar
The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4% Wam
The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4%

The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged.

The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported.

The central bank also decided to maintain the interest rate on borrowing short-term liquidity at 50 basis points over the base rate for all standing credit facilities.

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Qatar Central Bank decided to keep its repo rate unchanged at 5.75 percent, lending rate at 6.25 percent and deposit rate at 6 percent.

The US Federal Reserve left interest rates unchanged on Wednesday in the 5.25-5.50 percent range over easing inflation.

All the GCC central banks, except Kuwait, move in tandem with the Fed as their currencies are pegged to the US dollar. Kuwait dinar is linked to a basket of global currencies.

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