Depressed UAE in economic boost
The Central Bank of the United Arab Emirates said on Sunday it would cut by 1% the interest rate on a liquidity support facility introduced last year, under which local banks can receive extra funding from the central bank in exchange for depositing securities with it.
The cut lowers the interest rate on the facility to 1.5%.
"This measure will reduce the cost of economic activities in the UAE, particularly investment spending, and contribute to sustained growth and support (of) the national
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