The UAE Central Bank cut its interest rates on Monday as part of an emergency response to cushion the economic impact of coronavirus.
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It said it will also maintain the repo rate, applicable to borrowing short-term liquidity from the central bank against CDs, at 50 basis points above the one-week CD rate.
The move is in response to the decision of the US Federal Reserve to cut its benchmark rate to near zero, 0 percent to 0.25 percent, said to be the boldest move since the global financial crisis in 2008.
The number of coronavirus cases has surged to more than 170,000 worldwide since it was first reported in late December.
The outbreak has led to numerous flight cancellations, travel bans, lockdowns; company, school and public venue closures that are hurting businesses worldwide.
Analysts have warned that if the virus is not contained soon, the global economy will be brought down to its knees.
The UAE government announced this weekend that it has approved a $27 billion economic plan to revive the local economy.
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