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ABU DAHBI / WAM
The Central Bank of the UAE (CBUAE) announced that, as of December 15, it has raised interest rates applied to its Certificates of Deposits in line with increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase Federal Funds Rate by 25 basis points. Certificates of Deposit, which CBUAE issues to banks operating in the country, are monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.