The photo is for illustrative purposes only.
The statement issued by the Central Bank is in full below:
Following the US Federal Reserve Board’s decision to cut the Federal Funds Rate at Sunday’s emergency meeting to contain the repercussions of the global pandemic COVID-19, the Central Bank of the UAE, CBUAE, effective from today, 16th March 2020, has decided as follows:
1. Cut the interest rate applicable to the 1-week Certificates of Deposit, CDs, by 75 basis points, in line with the Federal Funds Target Rate - Upper Bound.
2. Maintain the Repo Rate, applicable to borrowing short-term liquidity from CBUAE against CDs at 50 basis points above the 1-week CD rate.
3. Reduce rates applicable to the Interim Margin Lending Facility, IMFL, and the Collateralised Murabaha Facility, CMF, by 50 basis points, to 50 basis points above the Repo Rate against CDs.
Certificates of Deposit, which CBUAE 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.
CBUAE cautioned consumers saying that it would never ask consumers about private information — such as personal and bank account information. It warned consumers to be alert and aware of malicious phone calls and WhatsApp messages claiming to be from CBUAE.
With more than 35 years of experience in the banking and financial services, Saeed held key positions as a board member of the First Abu Dhabi Bank, the Abu Dhabi Developmental Holding Company, the Emirates Investment Authority, the Abu Dhabi Securities Exchange and Sky News Arabia.
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