Most Gulf central banks follow Fed lead and cut key interest rates [Yahoo! Finance]
CENTURY FINCL CORP MI (CYFL)
NASDAQ:AMEX Investor Relations:
centurybankandtrust.com/investor-relations
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Source: Yahoo! Finance
Thursday, following the Federal Reserve's decision to reduce U.S. rates by a quarter of a percentage point. The Fed cut interest rates by 25 basis points as policymakers took note of a job market that has "generally eased" while inflation continues to move towards its 2% target. The Gulf's oil and gas exporters generally follow the Fed's lead on rate moves as most regional currencies are pegged to the U.S. dollar; only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar. "Lower rates in the GCC could fuel growth in sectors sensitive to credit conditions, such as real estate and domestic spending, enhancing resilience in the broader economy," Vijay Valecha, chief investment officer at Century Financial, said. Saudi Arabia, the region's biggest economy, cut its repurchase agreement (Repo) rate and reverse repo rate by 25 bps each to 5.25% and 4.75% respectively and the United Arab Emirates also reduced its base rate on the overnight deposit facility
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