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28-07-22
Most Gulf central banks raise their main interest rates by 75 percent
(MENAFN) Due to their currencies' pegs to the United States dollar, the majority of Gulf central banks raised their benchmark interest rates by three quarters of a percentage point on Wednesday.
The Central Bank of Kuwait increased its main discount rate by 25 basis points (bps) to 2.5 percent, making it the only one of the six Gulf Cooperation Council (GCC) nations to peg its currency to a basket rather than only the dollar.
The main rates of Qatar, Bahrain, Saudi Arabia, and the United Arab Emirates were all soared by 75 basis points to 3 percent, 3.75 percent, and 3.25 percent, respectively.
Abu Dhabi Commercial Bank's head economist, Monica Malik, added that Kuwait's currency basket allowed it more monetary flexibility, “the rates hikes by the GCC central banks continue to show commitment to the regional currency pegs to the USD.”
The Fed's increase comes after a 75-basis-point soar last month, which was the largest since 1994, and smaller adjustments in May and March. The Fed is battling an inflation breakout on par with the 1980s.
MENAFN28072022000045014146ID1104606738
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