Gulf banks raise interest rates, following US Federal Reserve

Gulf states often follow the American central bank in their interest rate decisions.
Gulf banking
Mohammad al-Hashel, the governor and chairman of the board of directors of the Central Bank of Kuwait, speaks during an international banking conference in Kuwait City on Sept. 23, 2019. - YASSER AL-ZAYYAT/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Several central banks in the Gulf raised interest rates Wednesday.

What happened: The Central Bank of the United Arab Emirates raised its base rate for its overnight deposit facility from 2.4% to 3.15%. This is the rate at which banks loan to other banks after normal business hours.

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