Wednesday 2 November 2022 – 11:30 pm
By / Ramy Samih ..
ABU DHABI, November 2 / WAM / The central banks of the Gulf Cooperation Council (GCC) countries have decided to raise interest rates, following today’s decision by the US Federal Reserve to raise them for the sixth time this year.
The US Federal Reserve raised the interest rate by 75 basis points last September, July and June in the largest increase since 1994, as well as a 50 basis point increase in May, as well as a 25 basis point increase in March. same year.
A monitoring by the Emirati news agency “WAM” showed that the Saudi Central Bank increased the repo rate by 75 basis points to 4.5% and the reverse repo rate by 75 basis points. 4%, in line with the central objective of maintaining monetary and financial stability.
The Central Bank of Bahrain has decided to raise the base interest rate on one-week deposits from 4% to 4.75%, in the light of developments on the international financial markets and as part of the measures taken by the Central Bank to ensure the regular monetary market trend in the Kingdom.
The Central Bank of Bahrain has also decided to increase the interest rate on overnight deposits from 3.75% to 4.50% and the interest rate on deposits for a period of four weeks from 4.75% to 5.5%. This is in addition to the increase from 5.25% to 6% in the interest rate imposed by the Central Bank on retail banks in exchange for loan lines.
Qatar Central Bank raised the bank’s deposit interest rate by 75 basis points to 4.50%, while the bank’s loan interest rate by 50 basis points to 5% and the repurchase rate by 75 basis points at 4.75%, starting tomorrow, based on local and international economic data.
For its part, the Central Bank of Kuwait said in a statement that it constantly monitors all economic and monetary developments and indicators in international markets and geopolitical developments and their impact on global economic conditions, stressing that the data and local economic and financial information at its disposal still reflects the continuing safety and durability of conditions of monetary and financial stability in the state of Kuwait.
The Central Bank of Kuwait has indicated that it will continue to closely monitor economic and monetary developments in local and international markets, in order to take all additional measures necessary to ensure the maintenance of monetary and financial stability in the state of Kuwait.
Reda Abdelnour / Ramy Sameeh