Gulf Central Banks Follow Fed’s Rate Cut to Maintain Dollar Pegs

Bloomberg2024-12-19

(Bloomberg) -- Gulf central banks including Saudi Arabia and the United Arab Emirates followed the Federal Reserve’s final decision of the year, cutting interest rates by 25 basis points on Wednesday ...

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Though, cost pressures in the Gulf have been relatively muted in comparison to the US. “With today’s action, we have lowered our policy rate by a full percentage point from its peak and our policy stance is now significantly less restrictive,” Fed Chair Jerome Powell told reporters in a press conference following the Fed’s decision.Read: Fed Lowers Rates by Quarter Point, Signals Two Cuts for 2025 (1) The UAE cut the Base Rate by 25 bps to 4.40%Saudi Arabia cut Repurchase Agreement (Repo) rate by 25 bps to 5%Qatar slashed the deposit rate by 30 bps to 4.60%Bahrain cut the overnight deposit rate by 25 bps to 5%Oman reduced Repo rate for local banks by 25 bps to 5%--With assistance from Sherif Tarek.©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492754163"}