Central Banks
Qatar, UAE Hold Interest Rates in Line With Federal Reserve
- The US Federal Reserve kept rates at a two-decade high
- Gulf central banks typically move in tandem to protect pegs
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Qatar and the United Arab Emirates followed the US Federal Reserve’s decision to keep interest rates unchanged in order to protect their currencies’ peg against the US dollar.
Officials at the US Federal Reserve voted unanimously to keep the benchmark federal funds rate in a range of 5.25% to 5.5% — a two-decade high first reached in July.