Gulf central banks lift rates as Fed makes second 75-bps hike

DUBAI: Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the US Federal Reserve as their currencies are pegged to the dollar.
The Central Bank of Kuwait, the only one of the six Gulf Cooperation Council (GCC) countries that ties its currency to a basket rather than just the dollar, raised its key discount rate by 25 basis points (bps) to 2.5 percent.