Central Bank of UAE hikes base rate by 25 bps following Fed move

Feb 1 (Reuters) - The Central Bank of the United Arab Emirates said on Wednesday it was increasing its base rate by 25 basis points to 4.65% effective on Thursday, moving in parallel with the U.S. Federal Reserve's hike.

The bank said in a statement it would maintain the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the base rate.

Reporting by Alaa Swilam and Ahmed Tolba in Cairo; Writing by Yousef Saba in Dubai

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Central Bank of UAE hikes base rate by 25 bps following Fed move

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Solid price gains for gold, silver after busy news weekend

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio