March 15, 2017 / 7:34 PM / 4 months ago

UAE central bank raises key rates by 25 bps

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DUBAI, March 15 (Reuters) - The United Arab Emirates central bank said on Wednesday that it was raising key interest rates by 25 basis points, effective on Thursday, in response to the rate increase by the U.S. Federal Reserve.

Rates on certificates of deposit issued by the UAE central bank will increase, and the repo rate at which financial institutions borrow short-term liquidity from the central bank will increase to 1.25 percent, it said. (Reporting by Andrew Torchia, editing by Larry King)

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