Following in the footsteps of the US Federal Reserve, the central banks of Qatar and the UAE prove interest rates

Yesterday, Wednesday, the US Federal Reserve announced that it would keep interest rates at the current range of 5.25% and 5.50%, without change, as was expected, which is the highest range in about 22 years.
After the decision, the Qatar Central Bank and the UAE Central Bank announced their decisions regarding monetary policy

Qatar

The Qatar Central Bank kept interest rates at their current levels at 5.75% on deposits, 6.25% on lending, and 6% on repurchases.

The Qatari Central Bank’s decision to stabilize interest rates for the second time in a row is in line with the decision of the US Federal Reserve, which has been following tight monetary policies since the first quarter of 2022 to curb high levels of inflation in the United States. ‏

The inflation rate in Qatar declined last September to its lowest level in 30 months at 1.8%, while the broad money supply (M2) recorded an increase to the level of 702 billion riyals.

The UAE

The UAE Central Bank also decided to keep the base rate on overnight deposit facilities unchanged at 5.40%.