Effective June 16, 2022, The Central Bank of the United Arab Emirates (CBUAE) has decided to increase the benchmark interest rate on the Overnight Deposit Facility (ODF) by 75 basis points. The decision comes after the Federal Reserve announced a 75 basis point increase in the interest on reserve balances (IORB). The UAE Central Bank decided to maintain the interest rate at which the Standing Credit Facility borrows short-term liquidity from the central bank at 50 basis points above the benchmark rate. The benchmark interest rate linked to the Federal Reserve's IORB indicates the overall stance of the UAE Central Bank's monetary policy. It also provides an effective interest rate floor for overnight money market rates. The Central Bank of Bahrain said on Wednesday that the key policy interest rate on one-week deposit facilities was raised by 75 basis points (bps) to 2.5%, the overnight deposit rate was raised by 75 basis points (bps) to 2.25%, the four-week deposit rate was raised to 3.25%, and the lending rate was raised to 3.75%. Kuwait's central bank said on Wednesday it would raise the discount rate by 25 basis points to 2.25%, after the Federal Reserve raised interest rates by 75 basis points. The information in this article comes from gulfnews
Bahrain
Kuwait
"The Central Bank of the United Arab Emirates (CBUAE) has decided to increase the benchmark interest rate on the Overnight Deposit Facility (ODF) by 75 basis points with effect from June 16, 2022. The decision comes after the Federal Reserve announced it would increase the interes" Related video
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