CBUAE’s move follows the US Federal Reserve’s announcement to maintain the Interest Rate on Reserve Balances (IORB)
interest rates
inflation
US economy delivers better-than-expected 2.8% GDP growth in Q2
A US government report also said inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve
China
China’s central bank announces major rate cuts, doubles EV subsidy
Lending rate for one-year medium term policy loans was cut by 20 basis points to 2.3%, the biggest rate cut since the world’s second-largest economy was slammed by the Covid-19 pandemic in 2020
China
China’s central bank lowers interest rate to support real economy
The move aims to strengthen counter-cyclical adjustments to better support the real economy
economic outlook
Global economic growth to slow to 3% by 2025 amid geopolitical tensions, report finds
Protectionism, sanctions, and trade wars are set to intensify in coming years, the report warns
interest rates
Fed’s Powell says US economy no longer overheated, signals openness to rate cuts
His comments are widely seen as that suggested the case for interest rate cuts is becoming stronger
inflation
US manufacturing PMI dips to 48.5 in June, inflation may ease as input prices fall
The Institute of Supply Management’s manufacturing PMI slipped to 48.5 last month from 48.7 in May
inflation
US Fed holds rates steady, sees just one cut in 2024 amid unchanged economic outlook
Under the current projections, absent a surprise in upcoming inflation or jobs data, analysts expect the cuts would likely not begin until December
European Central Bank
ECB cuts interest rates by 25 bps, first major central bank to lower rates since 2019
Lower rates can mean lower mortgage costs and credit card charges for consumers
inflation
India’s central bank keeps interest rate unchanged at 6.5%
The Monetary Policy Committee of RBI, in a majority decision, opted for status quo interest rates, citing continued risks on the inflation front
Digital bank account
How to get 10% interest rates with UAE digital bank Liv
UAE digital bank Liv announces gamified fixed deposit interest rates of up to 10 per cent for correctly predicting football scores
inflation
US Fed meet minutes raise concerns over sticky inflation; push ‘higher-for-longer’ narrative on rate cuts
The Fed’s recent meeting, held on April 30-May 1, was preceded by a slew of hotter-than-expected US inflation prints
inflation
Sri Lanka’s central bank slashes interest rates by 0.5% in bid to spur post-crisis growth
The Central Bank of Sri Lanka reduced the Standing Deposit Facility Rate to 8.50% and the Standing Lending Facility Rate to 9.50%