Gulf Banks Raise Rates Post Fed
A group of Gulf central banks, including Saudi Arabia, the UAE, Oman, Qatar, and Bahrain, have decided to raise interest rates by 25 basis points following the decision of the U.S. Federal Reserve, which increased its benchmark interest rate for the first time in over three years, moving from a range of 3.75% to 4%. This comes amid the continued U.S. Federal Reserve's efforts to combat stubborn inflation driven by rising energy prices, with expectations of further rate hikes in the coming months.
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