Abu Dhabi, UAE – The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve Board’s announcement on Wednesday to raise the Interest on Reserve Balances (IORB) by 50 basis points.
The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.
The Board of Directors of the Central Bank of Kuwait (CBK) had decided to raise the discount rate by 0.50 percent from 3.00 percent to 3.50 percent effective December 7, 2022.
The Central Bank of the UAE (CBUAE) earlier Wednesday raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9 percent to 4.4 percent, effective from December 15, 2022.