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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Gulf central banks move interest rates after Fed decision

    Rocky
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    Gulf central banks move interest rates after Fed decision Empty Gulf central banks move interest rates after Fed decision

    Post by Rocky Thu 19 Sep 2024, 5:02 am

    Gulf central banks move interest rates after Fed decision

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    Economy News - Follow-up
    Central banks in the Gulf region have decided to raise interest rates, following the US Federal Reserve's decision to cut interest rates by half a percentage point on Wednesday.
    The Central Bank of the UAE decided to reduce the base rate on the overnight deposit facility by 50 basis points, to reach 4.90 percent, from 5.40 percent, effective Thursday, September 19, 2024.
    The Saudi Central Bank said in a statement that it decided to reduce the repurchase agreement (repo) rate by 50 basis points to 5.50 percent, and reduce the reverse repurchase agreement (reverse repo) rate by 50 basis points to five percent.
    The Board of Directors of the Central Bank of Kuwait decided to reduce the discount rate by 25 basis points to 4.00 percent, instead of 4.25 percent, effective from September 19, 2024.
    The Governor and Chairman of the Board of Directors of the Central Bank of Kuwait, Basel Ahmed Al-Haroun, said that the decision is based on developments in the local and global economic, monetary and banking conditions, noting the decline in inflationary pressures in the Kuwaiti economy, as the annual inflation rate slowed from about 4.71 percent in April 2022 to about 3 percent in July 2024.
    The Central Bank of Bahrain said in a statement that it cut the overnight deposit rate by 50 basis points from 6 percent to 5.50 percent.
    He added in the statement: "This decision comes within the measures taken by the bank to achieve monetary and financial stability in the Kingdom of Bahrain in light of the developments witnessed by international financial markets."
    Qatar Central Bank also cut key interest rates by 55 basis points.
    The Qatar Central Bank said in a statement posted on social media that the lending rate was reduced to 5.70 percent, deposit rates to 5.20 percent, and the repurchase rate to 5.45 percent.
    The US Federal Reserve's Monetary Policy Committee decided to cut interest rates by 50 basis points, to a range of 4.75 to 5 percent.


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