Four Gulf states cut rates following Fed decision
Bahrain, Qatar, Saudi Arabia and UAE have currencies pegged to US dollar
The central banks of four Persian Gulf states cut their policy rate by 25 basis points, following a similar move by the Federal Reserve on July 31.
Bahrain, Qatar, Saudi Arabia and the United Arab Emirates cut rates effective from today (August 1). All four states have currencies pegged to the US dollar and follow the Fed’s policy rate moves.
Bahrain and the UAE both cut their rates from 2.75% to 2.5%, while Saudi Arabia lowered its policy rate to 2.75%, and Qatar moved from 5% to 4.75%.
The
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