UAE central bank cuts base rate by 50 basis points

UAE Central Bank in Abu Dhabi

Credit: Reuters File Photo

Cairo/Dubai: The United Arab Emirates cut its base rate applied to the overnight deposit facility by 50 basis points on Wednesday, from 5.40 per cent to 4.90 per cent, the country's central bank said in a statement.

The move follows the Federal Reserve's decision to cut rates by half a percentage point.