New Delhi, June 19 -- The Central Bank of the UAE (CBUAE) has decided to keep its key interest rate unchanged, following a similar move by the United States Federal Reserve.

On Wednesday, in a post on social media platform X, the bank stated, "The #CentralBankUAE has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 4.40 per cent."

This means that the base rate for overnight deposits will remain at 4.40 per cent. The decision comes after the US Federal Reserve announced it would not change its Interest Rate on Reserve Balances (IORB).

According to an article published in Gulf News on Wednesday, the apex bank said in a statement, "The CBUAE has also decided to maintain the interest rate applicable t...