A number of Arab banks chose to increase interest rates on their own currencies by following the lead of the American Federal Reserve.
UAE: The Bank of the United Arab Emirates, the Central Arab Bank, decided to raise the “basis price” on one night deposit facilities with 75 basis points from 3. 15% to 3. 90%, as of Thursday.
The central bank also decided to maintain the cost of borrowing short-term liquidity from the central bank at 50 basis points over the basis price for all currently available credit facilities.
Saudi Arabia: The Saudi Central Bank agreed to increase the repurchase agreement rate (also known as a “ribo”) by 75 basis points to 4.5% and the reverse repurchase agreement rate (also known as a “reverse ribo”) by 75 basis points to 4.0%.
a pair of seas
The main interest rate on a one-week deposit was increased by 75 basis points to 4.75 percent, the Central Bank of Bahrain announced on Wednesday.
The Central Bank of Bahrain also increased the cost of a one-night deposit by 75 basis points to 4.5%, the cost of a four-week deposit to 5.5%, and the interest rate on loans to 6.0%.
In line with the most recent interest rate hike by the Federal Reserve, the Qatar Central Bank announced today, Wednesday, that it would raise interest rates by 50 to 75 basis points.
The bank added in a statement that it raised the benefit of deposit and repurchase (ribo) to 4. 5 and 4. 75%, respectively, and the lending interest is 50 basis points to 5% from tomorrow, Thursday.
The American Federal Bank declared yesterday that the basic interest rate was increased for the fourth time in a row by 75 basis points, from 3.75 to 4%.
The decision was made in light of ongoing efforts to combat the largest inflation surge in 40 years, which reached 8.2% in the United States in September.
Source: Agencies.
4 Arab nations are following in the federal government’s footsteps.
About Author
