Central Bank of the UAE announces raised interest rates

The Central Bank of the UAE has announced that as of today, December 17th, 2015, it has raised interest rates applied to its Certificates of Deposits in line with the increase in the interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting on December 16th, 2015.

Certificates of Deposit, which the Central Bank issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.

Source: Emirates news agency