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| 13 December, 2017

UAE central bank raises key rate 25 bps

The repo rate for borrowing short-term liquidity from the UAE central bank has been increased by 25 bps to 1.75%

Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

Image used for illustrative purpose. Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi, January 29, 2013.

REUTERS/Ben Job

DUBAI - The central bank of the United Arab Emirates said on Wednesday it was raising its key interest rate by 25 basis points, following the U.S. Federal Reserve's decision to raise rates by the same amount.

The repo rate for borrowing short-term liquidity from the UAE central bank against certificates of deposit has been increased by 25 bps to 1.75 percent. (Reporting by Andrew Torchia, editing by Larry King)

© Reuters News 2017