UAE's central bank ready to ease policy

The UAE central bank is prepared to ease monetary policy further to support an economy that is reeling from falling oil prices and weak global demand, its governor said yesterday.

"There is no pressure on inflation so it makes sense to keep expansionary monetary policy," Sultan Nasser Al Suweidi said on the sidelines of an Islamic finance conference.

In January, the central bank lowered its key interest rate by 50 basis points to one per cent, following similar moves by other central banks around the world as they attempted to limit the damage from the global financial crisis.