The decision is expected to influence lending rates and liquidity conditions across the country
Most GCC economies have been largely shielded from stubbornly high inflation elsewhere, and have implemented ambitious plans to diversify revenue sources and boost non-oil growth
The recommendation from the BIS was made prior to the US Federal Reserve’s first interest rate cut in four years
The Gulf region’s oil and gas exporters tend to follow the Fed’s lead on rate moves as most regional currencies are pegged to the US dollar
The Central Bank of the UAE (CBUAE) said it has reduced the base rate applicable to the overnight deposit facility (ODF) by 50 basis points, from 5.40 to 4.90 percent
Despite Friday gains, oil was down for the week
The guest list of about 120 includes most of the US Fed’s 19 policymakers, a few dozen central bankers from Europe, Asia, Africa, the Americas, and a group of select journalists
Gold has gained nearly 22 per cent so far this year with geopolitical tensions and uncertainty created by the upcoming US elections
Enthusiasm over a likely interest rate cut by the US Federal Reserve in September propelled bullion to an all-time high of $2,509.65 on August 16
Market watchers called worries of a recession in the US economy “not in line with economic fundamentals”
The scale of losses on Japan’s Nikkei had not been seen since the global financial crisis
A manufacturing report spooked investors, sparking broad risk-off moves across markets
While oil prices rose over 1 per cent on Monday in muted trade, gold hit a record high of $2,449.89 last week, but has shed more than $100 since then
Equities, which tend to move in tandem with oil prices, rose on the rate cut hopes, with the Dow reaching an all-time high of 40,000 for the first time
The CBUAE traditionally moves lockstep with the US Fed amid the UAE having pegged its currency to the US dollar at a rate of Dhs3.67 to $1
US gold futures settled 1.6 per cent higher to $2,345.4
Bullion has hit record highs in each session for over a week over data from the US economy
Gold logged its best month since July 2020, at a 9 per cent increase, and a second straight quarterly rise
Driven by technology, various platforms are offering an interface that is secure and transparent, along with financing options from multiple lenders
Following the theme of its conference, EFG Hermes highlights opportunities available in frontier emerging markets
Inflation has now been running below the Fed’s target on a seven-month basis while US economic growth and the job market have remained largely intact
The notification from CBUAE comes after the US Federal Reserve announced that it is maintaining its key policy rate unchanged
GCC central banks normally change their interest rates in lockstep with the US Fed as Gulf countries’ currencies are pegged to the dollar
The US Federal Reserve raised its benchmark interest rates by 25 points to the highest level in 22 years