The Central Bank of the United Arab Emirates (CBUAE) has announced that it will maintain the base rate applicable to the overnight deposit facility at 5.40%. This decision, made on November 1, 2023, aims to support the UAE’s economic stability and growth.

Credit: HiDubai Focus

The CBUAE emphasized that the decision aligns with its commitment to fostering a stable financial environment. By holding the interest rate steady, the bank aims to balance inflation control while supporting economic activity in the nation.

Officials from the CBUAE noted that the current interest rate is part of a broader strategy to maintain financial stability in the UAE. The bank continues to monitor various economic indicators and will adjust its policies as necessary to respond to changing market conditions.