Most central banks in the Gulf countries raised interest rates, similar to the Federal Reserve's decision to increase the interest rate by 25 basis points.
Today, Wednesday, the US Federal Reserve raised interest rates by 25 basis points, as expected, at a time when monetary policy officials continue to focus on inflation figures, the banking crisis, and growth concerns in the US economy.
The Gulf Arab states managed to contain price pressures relatively compared to the United States, which witnessed record high inflation. But since there is little room for maneuver due to the policy of pegging the currencies of their countries (other than Kuwait) to the dollar, monetary policy makers in the Gulf tend to move in step with the decisions of the US Central Bank.
Qatar was the only one in which the central bank said that interest rates would not change before it returned and issued a statement at a later time to raise them by 25 basis points.
