Mubasher: Central banks across the Gulf Cooperation Council (GCC) countries have followed the United States Federal Reserve in raising interest rates.

The United Arab Emirates (UAE) and Bahrain rose their benchmark rates, as the UAE repo rate was increased by 25 basis points to 2%, with the certificates of deposit rate raised by the same amount.

Bahrain also raised its overnight deposit rate by 25 basis points to 1.75% and its one-week deposit facility rate by a quarter point to 2%.

Similarly, Kuwait hiked its key interest rate on Wednesday, in the first time in a year that the Central Bank of Kuwait (CBK) raises its rates, with the discount rate being increased to 3%.

The Saudi Arabian Monetary Authority (SAMA) decided earlier  to raise its two key interest rates by 25 0.25% on Thursday 15 March, as the repo rate has been increased to 2.25% and the reverse repo has been set at 1.75%.