Gulf Central Banks Follow Fed Rate Hike

Most central banks in the Gulf Cooperation Council countries raised their key interest rates following the decision of the U.S. Federal Reserve to increase its rates by a quarter of a percentage point. The majority of these countries adhered to the Fed’s guidance due to their currencies being pegged to the dollar, with the exception of the Kuwaiti dinar, which is linked to a basket of currencies. Saudi Arabia increased the repo agreement rate to 4.50%, the UAE to 3.9%, Oman to 4.5%, and Qatar and Bahrain by 25 basis points. The Central Bank of Kuwait, however, kept interest rates unchanged, reaffirming the stability of the country’s monetary and financial conditions.

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