- UAE and Qatar central banks raise policy rates by 25 bps
The United Arab Emirates central bank said on Thursday it was raising interest rates on its certificates of deposit, its main policy instrument, by 25 basis points.
The announcement came after the US Federal Reserve on Wednesday raised interest rates by a quarter point and signalled a faster pace of increases in 2017.
A rise in policy rates is expected to have a knock-on effect on business and consumer loans, making them slightly more expensive.
With the UAE central bank now offering an additional 25 basis points on the money banks deposit with it, most banks are expected to add that margin to their lending rates.
The announcement came after the US Federal Reserve on Wednesday raised interest rates by a quarter point and signalled a faster pace of increases in 2017.
A rise in policy rates is expected to have a knock-on effect on business and consumer loans, making them slightly more expensive.
With the UAE central bank now offering an additional 25 basis points on the money banks deposit with it, most banks are expected to add that margin to their lending rates.
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