September 18, 2019 / 8:15 PM / a month ago

RPT-UAE central bank cuts rates by 25 basis points

(Repeats without changes)

DUBAI, Sept 18 (Reuters) - The United Arab Emirates central bank said on Wednesday that it was cutting interest rates applied on the issuance of certificates of deposits by 25 basis points, effective Sept. 19.

The central bank also said the repo rate for borrowing short-term liquidity had been cut by 25 bps.

Earlier, the U.S. Federal Reserve cut rates by a quarter of a percentage point. Kuwait’s central bank said it was maintaining its discount rate at 3%.

Reporting by Saeed Azhar, writing by Alexander Cornwell

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