Mashreq Bank has introduced a new savings account, the NEO PLUS Saver Account, which offers an impressive 6.25 percent interest rate on savings. This account is designed to be straightforward and rewarding, catering to both salaried and non-salaried customers. Salaried customers can benefit from a cashback of up to Dhs5 000 when they transfer a...
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...
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) has announced a reduction in key interest rates by 100 basis points (bp). This decision was communicated through a press release issued on May 22nd. As a result of this cut, the overnight deposit rate now stands at 24%, while the overnight lending rate has...
The Central Bank of the UAE (CBUAE) has decided to keep the Base Rate for the Overnight Deposit Facility (ODF) unchanged at 4.40%. This decision aligns with the recent announcement from the US Federal Reserve, which also chose to maintain its Interest Rate on Reserve Balances (IORB) at the current level. In addition to the...
Wio Bank PJSC, recognized as the Middle East’s first digital financial platform, has launched the Wio Personal Salary Plan, offering salaried individuals in the UAE a remarkable 6% interest rate on their savings. This plan aims to enhance the financial wellness of employees amid rising concerns about financial stress impacting workplace productivity and mental health....
The Turkey Wealth Fund, which is state-backed, has successfully secured its first loan without requiring a treasury guarantee, with backing from banks listed in the UAE. According to a report by Daily Sabah, the sovereign fund raised €1.1 billion (approximately $1.2 billion) through a two-year syndicated loan involving 20 banks from 12 different countries. The...
The UAE Central Bank has decided to maintain its current interest rate for the overnight deposit facility at 4.4 per cent. This move aligns with the US Federal Reserve’s recent decision to keep its rates steady, following three consecutive rate cuts. The decision reflects the UAE’s monetary policy approach, which closely follows the US model...