Gulf central banks hike interest rates as US Fed fight inflation

November 03, 2022 / 10:59 AM

Sharjah24 – WAM: Gulf central banks said on Wednesday they would hike their key interest rates after the Federal Reserve upped its key policy rate by three-quarters of a percentage point for the fourth straight time.

Saudi Arabia and Bahrain increased rates by 75 basis points, while Qatar increased rates by between 50 and 75 basis points.

The Central Bank of the UAE earlier today announced it'd raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 3.15% to 3.90%, effective from Thursday, 3 November 2022.