And he said Central Bank of the EmiratesIn a statement, it reduced the base rate on overnight deposit facilities by 25 basis points from 4.90 percent to 4.65 percent, effective Friday, November 8.
The Emirates Bank also decided to keep the rate applicable to borrowing short-term liquidity from the Central Bank through all existing credit facilities at 50 basis points above the base rate, according to the statement reported by the Emirates News Agency, WAM.
The Central Bank of Bahrain stated in a statement that it reduced the interest rate on overnight deposits by 25 basis points from 5.50 percent to 5.25 percent, starting from November 10.
As for the Qatar Central Bank, it reduced key interest rates by 30 basis points, according to today’s statement.
The Qatar Bank added in its statement that it reduced the deposit interest rate to 4.9 percent, the lending rate to 5.4 percent, and the repurchase rate to 5.15 percent.
The Saudi Central Bank also reduced key interest rates by 25 basis points, and said in a statement on its website: It decided to reduce the repo rate by 25 basis points to 5.25 percent, and to reduce the reverse repo rate by 25 basis points to 4.75 percent.