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GCC central banks lower interest rates after the latest US Fed rate cut

GCC central banks lower interest rates after the latest US Fed rate cut

Posted on September 20, 2024 |

GCC central banks cut interest rates following a US Federal Reserve rate reduction.

The US Fed lowered its benchmark rate by 50 basis points to 4.75%–5%.

This is the first-rate cut after the Fed raised rates 11 times over 16 months and held them steady for over a year.

The Fed plans further rate cuts into 2025.

The UAE Central Bank reduced its Overnight Deposit Facility rate by 50 basis points to 4.90%, starting September 19, 2024.

Saudi Arabia’s Central Bank cut its repo rate by 50 basis points to 5.50% and the reverse repo rate to 5%.

Qatar’s central bank lowered its key rates by 55 basis points, with the lending rate at 5.70%, the deposit rate at 5.20%, and the repo rate at 5.45%.

The Central Bank of Bahrain cut its overnight deposit rate by 50 basis points to 5.50%, effective September 19, 2024.