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06 June 2023

Qatar lowers deposit rate after Fed cut

By Agencies


Qatar, which pegs its riyal to the dollar, cut its deposit facility rate by 50 basis points but left its benchamrk lending rate unchanged on Thursday after a US rate cut a day earlier.

The deposit rate fell to 3 per cent from 3.5 per cent while the benchmark lending facility rate was unchanged at 5.5 per cent, a central bank official said.

The repurchase rate was unchanged at 5.55 per cent, the official said.

The Fed reduced its benchmark by half a percentage point on Wednesday, its second rate cut in eight days, as part of an ongoing effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch. (Reuters)