4 Arab countries are following in the footsteps of the US Federal Reserve

Several Arab banks followed the path of the US Federal Reserve and decided to raise interest rates on their national currencies.

UAE:

The Central Bank of the United Arab Emirates has decided to raise the “base rate” on overnight deposits by 75 basis points from 3.15% to 3.90% from today, Thursday.

The Central Bank also decided to keep the rate applicable to borrowing short-term liquidity from the Central Bank through all existing credit lines at 50 basis points above the base rate.

Saudi Arabia:

The Central Bank of Saudi Arabia has decided to raise the repo rate by 75 basis points to 4.5 percent and the reverse repurchase agreement rate by 75 basis points to 4.00 percent.

two seas:

Bahrain’s central bank said on Wednesday that it had raised its key interest rate on weekly deposits by 75 basis points to 4.75%.

The Central Bank of Bahrain also raised the overnight deposit rate by 75 basis points to 4.5%, the four-week deposit rate to 5.5% and the lending rate to 6%.

Diameter:

Qatar’s central bank said on Wednesday it would raise interest rates by 50 to 75 basis points in line with the Federal Reserve’s latest rate hike.

The bank added in a statement that it raised deposit and repurchase (REPO) rates to 4.5% and 4.75%, respectively, and interest on 50 basis points loans to 5% starting Thursday.

Yesterday, the US Federal Reserve announced that it had raised its key interest rate by 75 basis points for the fourth time in a row, from 3.75% to 4%.

The decision comes as part of an ongoing effort to combat the worst rise in inflation in 40 years, as the US inflation rate reached 8.2% in September last year.

Source: agencies