GCC central banks cut interest rates by 25 bps following Fed’s move

RIYADH: Central banks in Gulf Cooperation Council countries cut interest rates by 25 basis points after the US Federal Reserve lowered its benchmark range to 4 percent to 4.25 percent, its first reduction since December. The Saudi Central Bank, also known as SAMA, reduced its repurchase agreement rate to 4.75 percent and its reverse repo to 4.25 percent. The UAE cut the base rate on overnight deposits from 4.40 percent to 4.15 percent, while Bahrain lowered its overnight deposit rate to 4.75 percent from 5 percent.

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