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| 14 June, 2018

UAE central bank hikes repo rate by 25 basis points

The United Arab Emirates central bank said that it was raising its repo rate by 25 basis points to 2.25%

People walk outside the main branch of UAE Central Bank in Abu Dhabi, October 16, 2012.

People walk outside the main branch of UAE Central Bank in Abu Dhabi, October 16, 2012.

REUTERS/Ben Job

ABU DHABI - The United Arab Emirates central bank said on Thursday that it was raising its repo rate by 25 basis points to 2.25 percent and increasing interest rates on certificates of deposits by the same margin.

The move came after the U.S. Federal Reserve decided to raise its target range for the federal funds interest rate by a quarter of a percentage point, to between 1.75 percent and 2 percent. (Reporting by Stanley Carvalho and Saeed Azhar; Editing by Sam Holmes)

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