Gulf central banks raise interest rates after US Federal Reserve decision

Gulf central banks also held firm in June when the Fed paused its rate hikes.
The US Federal Reserve Building is seen in Washington on May 3, 2023.
The US Federal Reserve Building is seen in Washington on May 3, 2023. - SAUL LOEB/AFP via Getty Images
Adam Lucente headshot (new)
Adam Lucente
@Adam_Lucente

Gulf central banks raised interest rates on Wednesday, mirroring the US Federal Reserve.

The Saudi Central Bank raised its key rates by 0.25%, citing "monetary stability." The repo and reverse rates are now 6% and 5.5%, respectively, according to a press release. 

The Qatar Central Bank raised its three rates by 0.25%. The deposit interest rate is now 5.75%, the lending interest rate is 6.25% and the repo rate is 6%, per a press release. 

The Central Bank of the United Arab Emirates raised its key rate by 0.25% to 5.4%, citing the Federal Reserve's decision, the bank said in a press release.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more