Qatari commercial banks are discussing with the central bank the possibility of reducing its repo lending rate as low oil and gas prices tighten liquidity in the banking system, market sources said on Thursday.
Qatar's central bank on Tuesday slashed key interest rates by at least 50 basis points for the first time since August, its website showed.
The move brought the main overnight deposit rate to 1.0 percent, from 1.5 pe
Saudi Arabia, which pegs its riyal currency to the dollar, reduced its reverse repurchase rate by 25 basis points on Saturday after a US rate cut, but continued with a policy of leaving its benchmark lending rate steady.
The Saudi Arabian
The Saudi central bank is unlikely to cut its repurchase rate, the benchmark lending rate, in response to further easing by the US Federal Reserve as it seeks to stem money supply growth, the vice governor said.
With its riyal pegged to th
TheCentral Bank of Bahrain (CBB) has decided to cut its key policy interest rate by 50 basis points.
Effective immediately, the CBB’s rate on the one-week deposit facility is three per cent, down from 3.50 per cent previously.
Gulf Arab oil producers, barring Oman, dropped interest rates on Thursday, mirroring a US cut, in a move likely to fuel near record inflation and add pressure on them to revalue their currencies or even drop their dollar pegs.
The United Arab Emirates, which pegs its dirham to the dollar, reduced its over-night repurchase rate by 50 basis points to 3 percent on Thursday, matching a US rate cut a day earlier. Kuwait also cut its repurchase rate by 50 basis points.
The United Arab Emirates, which pegs its dirham to the dollar, cut its over-night repurchase rate by 75 basis points to 3.5 percent on Wednesday, matching a US rate cut a day earlier.
The repurchase rate was 4.25 percent on Tuesday, the ce