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Qatar stays put after US, Saudi Arabia, UAE raise interest rates

The Gulf central banks’ moves followed the US Federal Reserve raising its rates. Inflation increased in both Qatar and Saudi Arabia at the end of 2022.
Saudi traders work at a bank in Riyadh on March 19, 2008. Asian stocks soared today after a big bounce on Wall Street as the US Federal Reserve slashed interest rates in a bid to contain a spiraling financial crisis and risk of recession. (Photo credit should read HASSAN AMMAR/AFP via Getty Images)

Saudi Arabia and the United Arab Emirates raised interest rates on Wednesday following the US, while Qatar abstained from taking such step.  

The US Federal Reserve earlier on Wednesday decided to raise its key policy rate by 0.25%, citing efforts to bring down inflation. 

The Saudi Central Bank, the Central Bank of the UAE, the Central Bank of Oman and the Central Bank of Bahrain subsequently announced they would raise their rates by the same percentage, according to separate press releases from the banks. 

The Qatar Central Bank, on the other hand, said in a press release Wednesday that it would keep its rates unchanged. 

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