Gulf central banks raise rates after Fed hike

Central Bank of Kuwait

Francisco Anzola

- Central Banking Newsdesk
- 16 Jun 2022

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The central banks of five Persian Gulf states raised policy rates on June 15 following the Federal Reserve’s 75 basis point hike the same day.

The central banks of the United Arab Emirates, Qatar and Bahrain made 75bp increases to their reference rates. This brings the UAE’s rate to 3%, Qatar’s to 2.25% and Bahrain’s to 2.5%.

Four of the five peg their currencies to the US dollar, and their policy decisions tend to shadow those of the Federal Open Market Committee.

The Saudi central bank

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