The council confirmed that it would continue to raise prices Benefit Within his battle to counter inflation in the United States.
Gulf oil exporters tend to follow the Federal Reserve’s lead in interest rate movements, and most of them peg their local currencies to the dollar.
Saudi Arabia
He decided Saudi Central Raise the repurchase agreement rate "repo" by 25 basis points to 5.25 percent, and raising the reverse repo rate "reverse repo" by 25 basis points, to 4.75 percent.
The Saudi Central Bank said in a statement "This comes in light of the monetary developments in the global markets"He indicated that he had taken into account the objectives of the Central Bank to maintain monetary stability and support financial stability.
The UAE
He decided Emirates Central Elimination "base price" On the overnight deposit facility at 25 basis points – from 4.4 percent to 4.65 percent, as of Thursday 02 February 2023.
The Central Bank also decided to keep the price that applies to borrowing short-term liquidity from the Central Bank through all existing credit facilities at 50 basis points above the base price.
According to the Emirates News Agency, the base rate, which is linked to the interest rate on reserve balances approved by the Federal Reserve, determines the general position of the monetary policy of the UAE Central Bank..It also provides a minimum effective interest rate for overnight money market rates in the country.
the two seas
and raise Central Bank of Bahrain Prime rates are 25 basis points, too. The bank stated that the interest rate on deposits for a week rose to 5.5 percent, and the interest rate on deposits for one night rose to 5.25 percent.
And it was Kuwait CentralA week ago, it had decided to raise the discount rate by half a percentage point from 3.50 percent to 4 percent, effective January 26.
On the other hand, the Qatar Central Bank decided to keep the current interest rates unchanged, and said that it would keep the deposit interest rate and the lending and repurchase interest at five percent, 5.5 percent and 5.25 percent, respectively.
The bank said in a statement "Aim to Qatar Central Bank That current interest rates be at appropriate levels to support economic growth".
said Monica Malik, chief economist at Abu Dhabi Commercial Bank "The decline in the rate of interest rate hikes is positive for the GCC countries, which have not required such a strong (monetary) tightening cycle.".
Malik added "We expect the impact of interest rate hikes this year to increase on credit demand, although investment programs should provide some support for credit growth.".
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and raise the reserve Federal The target interest rate is 25 basis points, which represents a less aggressive stance after a series of large hikes.
The council confirmed that it would continue to raise prices Benefit Within his battle to counter inflation in the United States.
Gulf oil exporters tend to follow the Federal Reserve’s lead in interest rate movements, and most of them peg their local currencies to the dollar.
Saudi Arabia
He decided Saudi Central It raised the repo rate by 25 basis points to 5.25 percent, and the reverse repo rate by 25 basis points to 4.75 percent.
“This comes in light of the monetary developments in the global markets,” the Saudi central bank said in a statement, noting that it had taken into account the objectives of the central bank to maintain monetary stability and support financial stability.
The UAE
He decided Emirates Central Increasing the “base rate” on the overnight deposit facility by 25 basis points – from 4.4 percent to 4.65 percent, as of Thursday 02 February 2023.
The Central Bank also decided to keep the price that applies to borrowing short-term liquidity from the Central Bank through all existing credit facilities at 50 basis points above the base price.
According to the Emirates News Agency, the base rate, which is linked to the interest rate on reserve balances approved by the Federal Reserve, determines the general stance of the monetary policy of the UAE Central Bank..It also provides a minimum effective interest rate for overnight money market rates in the country.
the two seas
and raise Central Bank of Bahrain Prime rates are 25 basis points, too. The bank stated that the interest rate on deposits for a week rose to 5.5 percent, and the interest rate on deposits for one night rose to 5.25 percent.
And it was Kuwait CentralA week ago, it had decided to raise the discount rate by half a percentage point from 3.50 percent to 4 percent, effective January 26.
On the other hand, the Qatar Central Bank decided to keep the current interest rates unchanged, and said that it would keep the deposit interest rate and the lending and repurchase interest at five percent, 5.5 percent and 5.25 percent, respectively.
The bank said in a statement Qatar Central Bank The current interest rates should be at appropriate levels to support economic growth.
“The decline in the rate of interest rate hikes is positive for the GCC countries, which have not required such a strong (monetary) tightening cycle,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
“We expect the impact of interest rate hikes to increase this year on credit demand, although investment programs should provide some support for credit growth,” Malik added.
