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Qatar decides to keep interest rates at current levels, while united arab emirates And Saudi Arabia raised rates after the Fed hiked again.
The Monetary Policy Committee of the Qatar Central Bank said they would keep key policy rates unchanged to “support sustainable economic growth,” according to a statement.
The UAE central bank raised its key policy rate by 0.25% on Thursday. The bank cited the Fed’s decision in its statement.
The Saudi central bank also raised rates by 0.25%, according to a statement.
background: The Federal Reserve raised interest rates by 0.25% on Wednesday, continuing its aggressive response to high inflation in the United States.The rate hike is controversial because of the stress it puts on the financial system and has been linked to its collapse Silicon Valley Bank and Signature Bank earlier this year
central bank in Gulf favors rate hike Contact the Fed directly. In March, Qatar, Saudi Arabia, the United Arab Emirates, Bahrain and Oman all raised rates, mirroring the Fed’s decision that month.
Qatar, however, has acted relatively independently of the Fed this year. After the Federal Reserve raised interest rates in February, Qatar Central Bank also chose not to raise interest rates.
learn more: The Fed’s rate hike on Wednesday could be the last for the foreseeable future. “Further tightening may be appropriate” to curb inflation, the agency said in its news release. According to Reuters, the language is similar to that used in 2006 when it stopped raising interest rates.
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