GCC central banks raise interest rates after Fed’s fourth consecutive 75 bps increase – The National
- Date: 03-Nov-2022
- Source: The National
- Sector:Financial Services
- Country:UAE
GCC central banks raise interest rates after Fed’s fourth consecutive 75 bps increase – The National
The central banks of the UAE, Saudi Arabia, Bahrain and Qatar raised their benchmark borrowing rates after the US Federal Reserve increased its key rate for the sixth time this year to combat inflation, which is at historic levels, and restore price stability.
The Fed on Wednesday raised the policy rate for a fourth consecutive time by 75 basis points as it aims to bring inflation down towards its target range of 2 per cent.
The latest Fed move brings the Federal Open Market Committee's short-term rate between 3.75 per cent to 4 per cent, the highest level in 14 years.
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