Central banks in the Gulf region, including Qatar and the United Arab Emirates, have kept interest rates unchanged, in line with the Fed’s decision to protect their currency’ peg level with the US dollar.
The majority of central banks in the GCC countries are in contact with the measures taken by the Federal Reserve on interest rates due to the policy of peging their currencies to the green currency, with the exception of Kuwait among the 6-member economic bloc, because it pegs the dinar rate to a basket of currencies.
Qatar announced that it will keep the repo rate unchanged at 6%, the lending rate at 6.25%, and the deposit rate at 5.75%.
The UAE maintained the underlying interest rate applied to the overnight deposit mechanism at 5.75%.
read more
Follow the latest news on Google News
