Most Gulf central banks increased their key interest rates on Wednesday after the Federal Reserve raised rates by an expected quarter of a percentage point, citing still-elevated inflation as a rationale for the latest hike.
by 25 basis points on Wednesday and left the door open to another increase.
showed that inflation in the region was expected to be between 2.1% and 3.3% this year and fall lower in 2024. The Saudi central bank, known as SAMA, increased its repo rate to 6% and its reverse repo rate to 5.5%, both by 25 bps, and the UAE said it would raise the base rate on its Overnight Deposit Facility to 5.40%, from 5.15%, effective Thursday.
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