Gulf central banks raise interest rates after Fed move

Many Gulf nations have mirrored the US Federal Reserve’s decisions on interest rates all year. Israel and Egypt have also raised rates, but Turkey has been cutting — despite skyrocketing inflation.
Gulf finance
Saudi Arabia's Tourism Minister Ahmed al-Khateeb speaks during an interview with AFP on the sidelines of the annual Future Investment Initiative conference in Riyadh, on Oct. 26, 2022. - FAYEZ NURELDINE/AFP via Getty Images
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Adam Lucente
@Adam_Lucente

Several Gulf central banks raised interest rates Wednesday. 

The US Federal Reserve raised interest rates by half a percentage point as it continues to address high inflation in the United States. Almost immediately thereafter, the Saudi Central Bank, the Central Bank of the United Arab Emirates, the Central Bank of Bahrain and the Qatar Central Bank raised their main policy rates by 0.5%. 

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