PHOTO
Central banks in the GCC maintained their benchmark interest rates on Wednesday night following the US Federal Reserve's decision to hold overnight interest rates steady within the 5.25%-5.50% range.
The Central Bank of UAE maintained its base rate on overnight deposits at 5.40%, it said in a late night statement. The monetary authority also maintained the rate applicable to borrowing short-term liquidity through all standing credit facilities at 50 basis points above the base rate, it said in a statement on Wednesday.
The central bank of Qatar also held the deposit rate at 5.75%, the lending at 6.25% and the repo rate at 6%, the regulator said in a tweet on X, formerly known as Twitter.
Most central banks in the GCC usually track the Fed's policy rate moves as their currencies are pegged to the US dollar. Kuwait the only exception in the six-member economic bloc as its dinar is linked to a basket of currencies.
(Writing by Brinda Darasha; editing by Seban Scaria)
