UAE Central Bank follows US Fed’s biggest interest rate hike since 1994 to rein in rising inflation – Arabian Business

UAE Central Bank follows US Fed’s biggest interest rate hike since 1994 to rein in rising inflation – Arabian Business

The Central Bank of the UAE (CBUAE) has decided to raise interest rates, following the US Federal Reserve’s biggest interest rate hike since 1994. 

While announcing the interest rate hike, the chairman of the US Federal Reserve Jerome Powell admitted that the US central bank was attempting to curb inflation without causing a recession.

“We at the Fed understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” Powell said.