Gulf central banks follow Fed rate hikes
Central banks in the Gulf Cooperation Council countries raised most of their interest rates following the decision of the U.S. Federal Reserve to increase its rates by a quarter of a percentage point. The Saudi Central Bank raised the repo rate to 4.50% and increased the reverse repo rate to 4%. The UAE also raised the base rate on deposit facilities to 3.9%, while Oman increased it to 4.5%. Conversely, the Central Bank of Kuwait kept interest rates unchanged, reaffirming the stability of the country's financial environment.
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