UAE Central Bank cuts interest rate to 4.5 per cent

Dubai: The UAE Central Bank has cut its main interest rate by 15 basis points to 4.5 per cent.

The move brings the UAE into line with the US Federal Reserve's benchmark interest rate.

Analysts say it is a clear sign that the UAE is sticking with the dollar peg.

Jason Goff, head of group treasury and market sales at Emirates Bank said: "For the moment, they are sticking with the peg. The rate is still far too low for the UAE domestic economy."