Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.
Saudi Central Bank hikes interest rates by 0.25 percentage points
The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.US Fed raises interest rate in battle against high inflation
Markets are expecting a total of seven rate hikes this year, and while the US Federal Reserve’s Open Market Committee typically moves in quarter-point steps, Fed Chair Jerome Powell has said it could be more aggressive if needed.
