DUBAI (Reuters) – The Central Bank of the United Arab Emirates will raise its base interest rate by 25 basis points to 4.9%, effective Thursday, state news agency WAM said, matching the U.S. Federal Reserve’s hike, as the dirham is pegged to the dollar.
The central bank will maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate, WAM said.
(Reporting by Yomna Ehab in Cairo; Writing by Yousef Saba; Editing by Leslie Adler)