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GCC central banks raise interest rates by up to 0.75%

GCC central banks raise interest rates by up to 0.75%

Arab Finance: The GCC states followed the Federal Reserve’s lead and raised interest rates, with Saudi Arabia, the UAE, Kuwait, and Bahrain increasing rates on June 15th.

The Saudi Central Bank increased the rate of repo agreements and reverse repurchase agreements (RRP) by 0.5% to 2.25% and 1.75%, respectively.

The Central Bank of the UAE (CBUAE) raised the base rate applicable to the Overnight Deposit Facility (ODF) by 0.75 basis points (bp), effective as of June 16th.

Meanwhile, the Central Bank of Kuwait (CBK) decided to up the discount rate by 0.25% to 2.25% as of June 16th.

The Central Bank of Bahrain (CBB) also raised its key policy interest rate on the one-week deposit facility by 0.75% to 2.50%.

The CBB increased the overnight deposit rate, the four-week deposit rate, and the lending rates to 2.25%, 3.25%, and 3.75%, respectively.

On June 15th, the Federal Reserve raised interest rates by 0.75%, marking the largest increase since 1994.

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