DUBAI: The United Arab Emirates central bank said on Thursday it decided to raise the interest rate on its certificates of deposits by 25 basis points, effective immediately, it said in a statement.
The announcement came a day after the US Federal Reserve raised rates for the first time in nine years.
The UAE rate hike follows interest rate rises of a quarter of a percentage point by the central banks of Saudi Arabia, Kuwait and Bahrain.
Certificates of Deposit are the monetary policy instrument used by the UAE central bank through which changes in interest rates are transmitted.
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