The Central Bank of Bahrain announced in a statement that it "raised the key interest rates by 25 basis points today, Wednesday." The statement added that "the bank raised the interest rate on one-week deposits to 6 percent from 5.75 percent, the overnight deposit interest rate to 5.75 percent from 5.5 percent, the four-week deposit interest rate to 6.75 percent from 6.5 percent, and the lending rate to 7 percent from 6.75 percent."
**Saudi Central Bank Raises Key Interest Rates**
The Saudi Central Bank announced in a statement that it "decided today, Wednesday, to raise the repo rate by 25 basis points to 5.75 percent and the reverse repo rate by 25 basis points to 5.25 percent." This decision by Saudi Arabia, which pegs its currency to the dollar, followed the U.S. Federal Reserve's decision to raise interest rates by a quarter of a percentage point.
**Emirates Central Bank Raises Base Rate**
The Central Bank of the UAE stated today, Wednesday, that it "decided to raise the base rate on overnight deposit facilities by 25 basis points to 5.15 percent from 4.90 percent, effective tomorrow, Thursday." This decision follows a similar one made by the U.S. Federal Reserve to raise interest rates by a quarter of a percentage point.
**Qatar Central Bank Raises Key Interest Rates**
The Qatar Central Bank also announced the increase of the deposit interest rate, lending rate, and repo rate by 25 basis points.
