Interest rates hit their highest level

The Bank of England increased rates by half a percentage point to 2.25 per cent.

ECB led by 0.75 percentage point rise.

The US Federal Open Market Committee (FOMC) hiked its key interest rates by 75 basis points (bps) on Wednesday, to fight rising inflation. Many GCC economies also matched the rate hike by increasing their lending rates.

The Central Bank of Bahrain (CBB) announced rate hike in the GCC.

The Central Bank of the UAE (CBUAE) will raise its base rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%, effective from Thursday, 22 September 2022.

Qatar has also hiked its interest rates, matching the US one by 0.75%.

The Central Bank of Kuwait said it will raise interest rates by 0.25% to 3% from tomorrow.