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Gulf central banks follow in the footsteps of the US Federal Reserve

Four Gulf central banks raised key interest rates after the US central bank raised interest rates by a quarter of a percentage point. The dollar fell as a result, while gold benefited slightly. Central banks in Saudi Arabia, the United Arab Emirates, Bahrain, Qatar and Oman increased interest rates. The impact of the rate hike on credit growth and non-oil activity in the region has so far been limited, an analyst said. All eyes are on the European Central Bank, which is expected to raise interest rates for a seventh consecutive meeting on Thursday. ....

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