Central banks of the UAE, Qatar, Bahrain, Saudi Arabia, and Oman raise interest rates by 25 basis points

The central banks of the United Arab Emirates, Qatar, Bahrain, Saudi Arabia, and Oman raised their key interest rates by 25 basis points on Wednesday, following the U.S. Federal Reserve’s decision to increase interest rates by the same amount.

The central banks of the five countries successively announced adjustments to their key interest rates, increasing them by 25 basis points, in moves that followed the U.S. Federal Reserve’s decision on monetary policy.

In Saudi Arabia, the Saudi Central Bank decided to raise the repo rate by 25 basis points and also increased the reverse repo rate by the same amount, in line with its objective of maintaining monetary stability.

In the United Arab Emirates, the Central Bank of the UAE decided to raise the base rate applied to overnight deposit facilities by 25 basis points.

The Central Bank of Qatar also decided to raise deposit, lending, and repo interest rates by 25 basis points.

In Bahrain, the Central Bank of Bahrain raised its key interest rates by 25 basis points, while the Central Bank of Oman increased the interest rate on repo operations with local banks by the same amount.

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In Kuwait, the Central Bank of Kuwait kept its discount rate unchanged at 3.5%, affirming that its current assessment of local economic and financial data and information reflects the soundness and resilience of the country’s monetary and financial stability conditions.

Kuwait’s central bank reaffirmed its commitment to continue monitoring global and domestic economic and monetary developments, ensuring the necessary measures are taken through available monetary policy tools and macroprudential instruments.