The Central Bank of the United Arab Emirates decided on Wednesday to maintain the base rate applicable to overnight deposit facilities at 3.65%.
The decision follows the US Federal Reserve's announcement that it would keep the interest rate on reserve balances unchanged at its meeting held on the same day.
The Central Bank also decided to maintain the rate applicable to short-term liquidity borrowing from the Central Bank through all existing credit facilities at 50 basis points above the base rate.
The base rate, which is anchored to the interest rate on reserve balances adopted by the US Federal Reserve, determines the general stance of monetary policy and provides a floor for the effective interest rate on overnight money market rates in the country.