The United Arab Emirates central bank said on Wednesday that it was raising key interest rates by 25 basis points, effective on Thursday, 16th March, 2017, in response to the rate increase by the U.S. Federal Reserve.
Rates on certificates of deposit issued by the UAE central bank will increase, and the repo rate at which financial institutions borrow short-term liquidity from the central bank will increase to 1.25 percent, it said.