The Central Bank of Bahrain (CBB) yesterday said it raised its key policy rate, on its one-week deposit facility, by 50 basis points to 1.75 per cent, moving in lockstep with the US Federal Reserve’s hike as the Bahraini dinar is pegged to the dollar.

The CBB also hiked its overnight deposit rate and lending rates by 50 basis points to 1.5pc and 3pc respectively, and its four-week deposit rate was increased by 75 basis points to 2.5pc.

The Fed raised its key short-term interest rate by a half percentage point, its largest hike since 2000.

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