The Central Bank of the UAE kept interest rates unchanged yesterday, following the US Federal Reserve’s decision, maintaining its overnight deposit rate at 5.40% and the overnight lending rate at 5.90%, it said in a statement (pdf).

REMEMBER- The UAE’s overnight deposit rate, or the base rate on overnight deposit facilities, is anchored to the US Federal Reserve’s interest rates as the AED is pegged to the USD.

Next cut in September? Federal Reserve Chair Jerome Powell signaled for the first time towards the likelihood of a September rate cut if inflation continues its downward path. We have more in What We’re Tracking Today, above.

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