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Source: Dubai, United Arab Emirates
Saudi Arabia, the United Arab Emirates and Bahrain lowered their interest rates by 0.25% (25 basis points), following a similar move by the US Federal Reserve.
The Saudi central bank lowered the repo rate to 275 basis points from 300 basis points. The repo rate rose from 250 to 225 basis points and the UAE's central bank lowered interest rates by 25 basis points.
The CBB also reduced the sight deposit rate by 2.25% by 2.5% and interest expense from 4.5% to 4.25%.
The Central Bank of Kuwait decided to keep the discount rate at 3.0%.
The price of gold for immediate sale increased its losses to 0.7% to 1420.10 dollars an ounce after the decision of the US center.
On Wednesday, the US Federal Reserve lowered its key rate for the first time since 2008, reversing worries about the global economic outlook and weak inflation.
The interest rate was cut by a quarter point between 2 and 2.25%, according to a statement from the US Monetary Reserve Committee.
In his first comment, Federal Reserve Chairman Jerome Powell said the outlook for the US economy remained positive.
Powell said the rate cut would encourage a faster return of inflation to the target level of 2%.
He said the Fed had seen positive and negative developments since its June meeting, noting that external growth was disappointing, especially in the euro area and China.
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