Central Banks
Gulf Central Banks Follow Fed Cut as Oil Prices Head to $70
- Saudi Arabia, UAE among those matching 50 basis-point cut
- Gulf policymakers restricted by dollar-pegging currency policy
This article is for subscribers only.
Gulf policymakers followed the US Federal Reserve’s move to cut interest rates for the first time since the Covid-19 pandemic, giving the energy-rich region some respite from the impact of lower oil prices.
Central banks in Saudi Arabia, the United Arab Emirates and Bahrain matched the Fed’s decision on Wednesday, reducing their rates by half a percentage point, while Qatar slashed its rates by 55 basis points.