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GCC central banks raise interest rates by 50-75 bps

GCC central banks raise interest rates by 50-75 bps

ArabFinance: Central banks of the GCC increased interest rates between 50 and 75 basis points (bps), following the steps of the US Federal Reserve, the Emirates News Agency (WAM) reported on November 2nd.

Saudi Arabia and Bahrain raised rates by 75 bps, while Qatar increased its interest rates by a range between 50 and 75 bps.

The UAE’s central bank raised its base rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 3.15% to 3.90%.

On November 2nd, the Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) increased interest rates by 75 basis points (bps) for the fourth time in 2022.

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