The Qatar Central Bank announced on Wednesday that it has raised interest rates by 25 basis points effective tomorrow, Thursday, following the lead of the Federal Reserve (the U.S. central bank), as the Qatari riyal is pegged to the dollar. The Qatar Central Bank increased the deposit rate, the lending rate, and the repo rate by 25 basis points to 5.25%, 5.75%, and 5.5% respectively.
Similarly, the Saudi Central Bank raised the reverse repo rate by 25 basis points, stating that it has increased the repo rate and the reverse repo rate to 5.5% and 5% respectively.
The Bahrain Central Bank also announced on its Twitter page that it decided to raise interest rates by 25 basis points, noting that the one-week deposit rate increased to 5.75% from 5.5%, while the overnight deposit rate rose to 5.5% from 5.25%. Additionally, the one-month deposit rate increased to 6.5% from 6.25%.