«Al Jazeera» – Economy:
The Saudi Central Bank decided to raise the rate of “repo” agreements by 75 basis points to 3.75 percent, and the rate of “reverse repo” agreements by 75 basis points to 3.25 percent, in line with the bank’s objectives in maintaining monetary stability. and financial, and in light of global developments.
Central banks in the Gulf Cooperation Council countries decided to raise interest rates in the wake of the US Federal Reserve’s decision today to raise them for the fifth time this year. The Central Bank of Kuwait announced raising the discount rate by a quarter of a percentage point from 2.75% to 3.00%, and it was also decided to make an adjustment in varying rates in the money market intervention rates that are currently applied to all periods of the interest rate structure, including repurchases (repo) and bonds. Tawarruq of the Central Bank of Kuwait, the system for accepting time deposits, direct intervention instruments, in addition to public debt instruments.
The Central Bank of the United Arab Emirates decided to raise the “base rate” on the overnight deposit facility by 75 basis points from 2.4% to 3.15%, starting tomorrow. The Central Bank of Bahrain also announced raising the basic interest rate on one-week deposits from 3.25% to 4.00%, raising the interest rate on overnight deposits from 3.00% to 3.75%, and raising the interest rate on four-week deposits from 4.00% to 4.75% . This is in addition to raising the interest rate imposed by the Central Bank on retail banks in return for lending facilities from 4.50% to 5.25%.
And the Qatar Central Bank decided to raise the bank’s interest rate for deposits by 75 basis points to 3.75%, and the bank’s interest rate for lending by 75 basis points to 4.50%, and raising the repurchase rate by 75 basis points to become 4.00%.
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