March 3, 2020 / 4:59 PM / a month ago

UAE central bank cuts interest rates by 50 bps

DUBAI, March 3 (Reuters) - The United Arab Emirates central bank said on Tuesday that it was cutting interest rates on certificates of deposit in line with U.S. dollar rates, after the U.S. Federal Reserve Board’s emergency decision to cut rates by 50 basis points.

The UAE central bank said its repo rate for borrowing short-term liquidity had also been cut by 50 bps.

The U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. (Reporting by Davide Barbuscia, Editing by William Maclean)

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