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Qatar central bank raises deposit rate

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Qatar central bank raises deposit rate

The Qatar Central Bank raised one of its key interest rates, joining other central banks in the Middle East making similar moves following the recent rate hike by the U.S. Federal Reserve.

The Qatari bank increased its deposit rate by 25 basis points to 1.75%. However, it maintained its lending rate and repurchase rate at 5.00% and 2.50%, respectively.

On March 21, the central banks of the United Arab Emirates, Kuwait and Bahrain announced rate hikes after the Fed lifted its benchmark federal funds rate to a range of 1.25% to 1.5%.