3 Gulf central banks reduce interest rates, and keep an eye on Kuwait, Qatar and Oman

<3 dir = "rtl" style = "text-align: justify;"> 3 central banks in the Gulf announced a cut in interest rates following the decision taken by the US Federal Reserve yesterday to cut interest rates 0.5% to counter the effects of the emerging Corona virus. p>

"The fundamentals of the US economy remain strong, however, the coronavirus poses growing risks to economic activity," the Federal Reserve said in a statement on its website. p>

Following the Fed’s decision, the Saudi Arabian Monetary Agency (Sama) decided to reduce the rate of repurchase agreements by 50 basis points from 2.25 percent to 1.75%.

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The UAE Central Bank also decided to reduce the interest rate by 50 basis points, following the US Federal Reserve's decision.

The Central Bank of Bahrain reduced the base rate for one-week deposits by 50 basis points, from 2.25 percent to 1.75 percent.

So far, there are 3 central banks in the Gulf that have not announced their position toward the Fed’s decision, and whether they will reduce, install, or even raise interest, if the latter is a matter. Completely excluded.

The three Gulf banks that have not determined their interest position so far are Kuwait, Qatar, and the Sultanate of Oman.