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GCC central banks hike interest rates by 75 bps

GCC central banks hike interest rates by 75 bps

ArabFinance: The central banks of the UAE, Saudi Arabia, Qatar, and Bahrain decided to raise interest rates by 75 basis points (bps) after the US’ Federal Reserve raised interest rates for the third time in a row, the Emirates News Agency (WAM) reported on September 21st.

The Central Bank of the UAE increased the base rate applicable to the Overnight Deposit Facility (ODF) to 3.15%.

Qatar Central Bank (QCB) raised the QCB Deposit Rate to 3.75%, the QCB Lending Rate to 4.50%, and the QCB Repurchase Rate to 4.00%.

The Saudi Central Bank hiked its reverse repo rate to 325 bps and the repo rate to 375 bps.

The Central Bank of Bahrain decided to raise its key policy interest rate on the one-week deposit facility to 4.00%, the overnight deposit rate to 3.75%, the four-week deposit rate to 4.75%, and the lending rates from 4.50% to 5.25%.

On September 21st, the US’ Federal Reserve increased interest rates by 75 bps for the third time in 2022.

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