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No rate cut for UAE

  • United Arab Emirates: Wednesday, December 17 - 2008 at 07:45

The UAE Central Bank said Tuesday it would not cut interest rates if the US Federal Reserve eases its rate - the second time the country would refrain from mirroring the Fed, Reuters has reported. Until late October, the UAE had been keeping its benchmark overnight repurchase rate at the same level as the Fed funds rate. But the Central Bank decided not to track a 50-basis-point Fed cut on October 29, keeping its overnight repurchase rate at 1.5%.

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