{"id":165876,"date":"2020-03-04T06:40:43","date_gmt":"2020-03-04T11:40:43","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=165876"},"modified":"2020-03-04T06:40:43","modified_gmt":"2020-03-04T11:40:43","slug":"saudi-bahrain-uae-follow-fed-and-cut-rates-50-bps","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/saudi-bahrain-uae-follow-fed-and-cut-rates-50-bps\/","title":{"rendered":"Saudi, Bahrain, UAE follow Fed and cut rates 50 bps"},"content":{"rendered":"<div id=\"inves-3321864561\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 4, 2020<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.centralbanknews.info\/\"><u>CentralBankNews.info<\/u><\/a><br \/>\nThe central banks of Saudi Arabia, Bahrain and the United Arab Emirates (UAE) cut their main interest rates by 50 basis points, tracking the U.S. Federal Reserve which earlier today cut its benchmark federal funds rate by 50 basis points due to the risk to the economy from the coronavirus.<br \/>\nThe three Gulf States peg their currencies to the U.S. dollar and normally follow changes in U.S. monetary policy to maintain the peg.<br \/>\nOther central banks that link their currencies to the U.S. dollar, such as Qatar, Hong Kong, Jordan and Macao, which pegs its currency to Hong Kong&#8217;s dollar, are also likely to lower their rates.<br \/>\nThe Saudi Arabian Monetary Authority (SAMA) cut its benchmark repo rate by 50 basis points to 1.75 percent and the reverse repo rate by the same amount to 1.25 percent, citing &#8220;global developments.&#8221;<br \/>\nThe Central Bank of Bahrain (CBB) cut its policy rate, the one-week deposit rate, to 1.75 percent from 2.25 percent.<br \/>\nCBB also cut its overnight deposit rate to 1.50 percent from 2.0 percent, the one-month deposit rate to 2.20 percent from 2.45 percent while its lending rate was unchanged at 4.0 percent.<br \/>\nThe Central Bank of the U.A.E. cut both its interest rate on certificates of deposits and the repo rate by 50 basis points. Following the cut, the UAE&#8217;s deposit rate is now at 2.0 percent.<\/p>\n<p><a href=\"http:\/\/www.centralbanknews.info\/\">\u00a0www.CentralBankNews.info<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By CentralBankNews.info The central banks of Saudi Arabia, Bahrain and the United Arab Emirates (UAE) cut their main interest rates by 50 basis points, tracking the U.S. Federal Reserve which earlier today cut its benchmark federal funds rate by 50 basis points due to the risk to the economy from the coronavirus. The three Gulf [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-165876","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/165876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=165876"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/165876\/revisions"}],"predecessor-version":[{"id":165908,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/165876\/revisions\/165908"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=165876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=165876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=165876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}