Abu Dhabi - Mubasher: The exchange rate of the UAE dirham varied against Arab and foreign currencies at the start of trading on Thursday, according to the latest update of the Central Bank’s data .

"Information Direct" monitors, based on data from the Central Bank, the exchange rates of the UAE dirham against 10 foreign and Arab currencies .

The UAE dirham remained stable against the dollar at 3.672 dirhams .

The price of the euro against the UAE currency was recorded at about 3.823 dirhams, while the value of the British pound reached 4.608 dirhams .

The Swiss franc recorded 4.085 dirhams against the UAE dirham, and 0.0233 dirhams against the Japanese yen .

The Saudi riyal recorded 0.978 dirhams, and the Kuwaiti dinar reached 11.917 dirhams, against the Emirati dirham .

The Bahraini dinar recorded 9.730 dirhams, the Qatari riyal 1.007 dirhams, and the Omani riyal 9.538 dirhams, against the UAE dirham .

It is worth noting that foreign currency exchange rates are updated against the UAE dirham on the website of the Central Bank of the UAE, at the end of each week; according to the global foreign currency rates, which start trading from Monday to Friday of each week .

The Central Bank of the UAE announced years ago the publication of a list of foreign currency prices against the UAE dirham on its website .

This decision aims to facilitate the process of calculating the value-added tax obligations of commercial entities for the benefit of the Federal Tax Authority .

The UAE Central Bank confirmed that the list of foreign currency prices against the dirham is in line with the requirements of Federal Law No. 8 on Value Added Tax .

It is noteworthy that the Central Bank of the UAE decided to reduce the base rate on overnight deposit facilities by 25 basis points from 4.65% to 4.40%, starting from Thursday, December 19 .

The Central Bank confirmed this decision after the US Federal Reserve announced a reduction in the interest rate on reserve balances by 25 basis points .

The base rate, which is linked to the interest rate on reserve balances approved by the US Federal Reserve, determines the general stance of the Central Bank’s monetary policy and provides a floor for the effective interest rate for overnight money market rates in the country, while the UAE dirham is linked to a fixed exchange rate with the US dollar at 3.67 dirhams to the dollar .