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5 Gulf banks raise interest rates, in similarly to the US Federal Reserve

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5 Gulf central banks have announced interest rate hikes in in line with the decision of the US Federal Reserve.

Today, Wednesday, the US Federal Reserve approved the interest rate hike by 75 points, in in line with market expectations, at the highest rate in the last 28 years, to raise interest rates between 1.50% and 1.75%.

And the Saudi central bank raised the repo rate by 0.5% from 1.75% to 2.25%.

The Saudi central bank said the decision to raise interest rates is in in line with its goal of maintaining monetary and financial stability and in the light of local and global developments.

The Saudi central bank raised the reverse repo rate by 0.5% from 1.25 to 1.75%.

Kuwait

Meanwhile, the Central Bank of Kuwait has decided to raise the discount rate by a quarter of a percentage point to 2.25%.

The Central Bank of Kuwait has stated that it has decided to make an adjustment to changes in the money market intervention rates currently applied to all periods of the interest rate structure, and this includes repurchases (repo), bonds and Central Bank securitization of Kuwait, the system of acceptance of term deposits and direct intervention instruments, in addition to public debt securities.

United Arab Emirates

The Central Bank of the United Arab Emirates has also decided to raise the base interest rate by 75 basis points.

UAE Central has decided to keep the rate that applies to short-term liquidity lending from the Central Bank across all existing credit lines at 50 basis points above the base rate.

the two seas

Meanwhile, the Central Bank of Bahrain has approved the Fed’s move to raise the overnight deposit rate by 75 basis points to 2.25%.

The Bank of Bahrain said in a note: “The interest rate on sight deposits was increased from 1.50% to 2.25% and the interest rate on four-week deposits was increased from 2.50% to 3.25%. interest rate imposed by the Central Bank on banks in the Retail sector against credit lines from 3.00% to 3.75%.

The Central Bank stated that it was following the evolution of the international and local market, in order to take all the additional measures necessary to maintain monetary and financial stability in the Kingdom.

Diameter

Qatar Central Bank approved the bank’s deposit rate (QCBDR) increase by 75 basis points to 2.25%, while the bank’s loan rate (QCBLR) by 50 basis points to 3.25%.

The Central Bank of Qatar has indicated that the “repo” of the repurchase rate has been increased by 75 basis points to 2.50%.

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