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- UAE's Base Rate Has Been Cut
The Central Bank of the UAE (CBUAE) has lowered the base rate from 5.4% to 4.9% – by 50 basis points
The CBUAE made this decision following the US Federal Reserve's key rate cut on September 18, 2024.
The UAE's monetary policy is closely tied to that of the US, due to the dirham's peg to the US dollar.
Impact of the rate cut on the UAE:
1️. Mortgages may become more affordable as a result of expected lower rates, higher rate of approval, and increased overall mortgage amounts
2️. Existing loan holders will be able to refinance under more favourable conditions
3️. Deposit yields will decrease
Investing in real estate will become even more attractive, potentially leading to a significant increase in demand for residential properties in the country.
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