Qatar cuts deposit rate
Qatar: Sunday, March 23 - 2008 at 13:13
Qatar has become the latest Gulf country to lower interest rates, reducing its deposit facility rate by 75 basis points on Sunday, reported Reuters. Like Saudi Arabia and Bahrain, Qatar lowered its deposit rate to 2.25% but left its lending rate unchanged. The UAE also lowered interest rates by 75 basis points on Thursday after the US Federal Reserve dropped its benchmark by three-quarters of a percentage point as part of US efforts to stem a slide into recession.
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Jeff Florian, Senior ReporterSunday, March 23 - 2008 at 13:13 UAE local time (GMT+4)
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