Qatar, UAE, Saudi Arabia raise interest rates after US Federal Reserve
The Fed’s controversial and aggressive rate hikes to combat inflation could be coming to an end, and this will have ramifications for fiscal policy in the Gulf. Qatar initially said it would not raise rates, but later announced a rate hike.
Gulf central banks raised interest rates following yet another rate hike from the US Federal Reserve
The Central Bank of the UAE raised its key policy rates by 0.25%, effective Thursday. The bank cited the Federal Reserve's decision in its statement.
The Saudi Central Bank also raised its rates by 0.25%, according to a statement.
The Qatar Central Bank’s Monetary Policy Committee initially said they will keep their key policy rates unchanged in order to “support sustainable economic growth." However, the bank later deleted that statement and announced they raised their key policy rates by 0.25%.
