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2026-09-17 07:48:09
[Following the Fed's 25 basis point rate hike, most central banks in the Gulf Cooperation Council (GCC) followed suit] (1) Following the Fed's announcement of a 25 basis point rate hike, most central banks in the GCC also raised their benchmark interest rates on Wednesday. (2) Since most currencies in the Gulf region are pegged to the US dollar, oil and gas exporters in the region usually follow the Fed's lead in adjusting interest rates; only the Kuwaiti dinar is pegged to a basket of currencies including the US dollar. (3) Saudi Arabia raised its repurchase rate by 25 basis points to 4.50% and its reverse repurchase rate by 25 basis points to 4.00%. (4) The UAE raised its overnight deposit rate by 25 basis points to 3.9%; the Central Bank of Oman raised its repurchase rate by 25 basis points to 4.5%. (5) The central banks of Qatar and Bahrain both raised their benchmark interest rates by 25 basis points. (6) The Central Bank of Kuwait kept its interest rate unchanged and stated in a separate statement that current data reflects the country's "robustness and resilience in monetary and financial stability."
