GCC central banks cut interest rates following Fed’s shock move – The National

GCC central banks cut interest rates following Fed’s shock move – The National

Global markets continued to slide on Monday despite the US Federal Reserve cutting rate to near zero on Sunday evening. GCC central banks cut rates on Monday following the biggest rate cut by the US Federal Reserve since the 2008 global financial crisis, as the world's largest economy tries to avert a recession and ensure ample liquidity in the market.. The Central Bank of the UAE cut its benchmark rate by 75 basis points after the surprise rate cut by the Fed on Sunday.. The US central bank slashed rates down to near zero, said it is pushing out $700 billion in quantitative easing by shoring up its bond holdings as it looks to boost investor confidence.. The UAE central bank cut the interest rate on one-week certificates of deposits, to move interest rates in line with the upper-bound Fed funds target rate of 0.25 per cent.. The Saudi Arabian Monetary Authority cut its repo rate by 75 basis points to 1 per cent from 1.75 per cent and the reverse repo rate by 75 basis points to 0.50 per cent from 1.25 per cent.. Kuwait's central bank also cut its interest rate by 1 per cent to 1.5 per