UAE Central Bank slashes rates

Abu Dhabi, Jan 20, 2009 (WAM) - The UAE Central Bank announced today that it has slashed the rate on its re-purchase of Certificate of Deposit (REPO) by 50 basic points to 1pc with effect from today (Monday). The decision was taken yesterday at a meeting presided over by HE Khalil Mohammed Sherif Folathi, Chairman of the Board of Directors of UAE Central Bank after reviewing the interest rates in the regional and global markets. Foulathi said that the move will support the local economic activity and strengthen the trust and confidence in business.