Gulf banks raise interest rates, following US Federal Reserve
Gulf states often follow the American central bank in their interest rate decisions.
![Gulf banking](/sites/default/files/styles/article_hero_medium/public/2022-09/GettyImages-1170352622.jpg?h=1d34674f&itok=QzQHy5u5)
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.