Gulf central banks cut key interest rates by 50 basis points in response to US Federal Reserve's rate reduction, aiming to lower borrowing costs and support economic diversification.
Gulf central banks, including those in Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait, have cut key interest rates by 50 basis points in response to the U.S. Federal Reserve’s recent rate reduction. This alignment aims to lower borrowing costs, making non-oil investments more appealing as the region seeks to diversify its economies. Inflation is projected to remain between 1.0% and 3.0% in 2024, reflecting a stable economic outlook.
September 18, 2024
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