Gulf Arabs Follow Fed's Rate Increase Even as Economy Slows
- Decisions reaffirm central banks’ commitment to dollar peg
- Saudi Arabia, U.A.E., Kuwait, Qatar, Bahrain followed Fed
How the Fed's Rate Hike Impacts the Rest of the World
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Gulf Arab central banks are following the Federal Reserve’s interest-rate increase, maintaining their commitment to the U.S. dollar peg even as lower oil prices hit economic growth.
Policy makers in Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain and Qatar raised borrowing costs within hours after the Fed raised its benchmark rate for the first time this year.