Explainer: Oman may follow as most Gulf central banks raise rates
Inflation in the Gulf has not been as severe as in other parts of the region.
In response to the US Federal Reserve raising interest rates, most central banks in the Gulf followed suit Wednesday.
The Fed raised its interest rates by 0.5% — the largest hike in more than 20 years — to 0.75%. The move was a response to rising inflation in the United States. Here’s how Gulf monetary institutions responded, and what it means.
Saudi Arabia
The Saudi Central Bank raised its repo rate by 0.5% to 1.75% and its reverse repo rate by 0.5% to 1.25%.
