Effective immediately, the CBB's rate on the one-week deposit facility is 0.75% down from 1.50% previously.
The CBB's lending standing facilities remain available for its banks at their initiative to assist them to meet their liquidity needs. The CBB has decided to adjust the rate on the overnight deposit facility to 0.25%, from 1.00% previously. It has also decided to adjust the Repo lending rate through which it charges banks for the use of these facilities. The CBB has reduced the repo and lending rates to 2.75% from 3.50% previously.
The adjustment to the deposit and lending rates represents a continuation of measures taken by the CBB to ensure the smooth functioning of the money markets in Bahrain, and in accordance with the policy of pegging the Bahrain Dinar to the US dollar.
The CBB continues to monitor global and local market developments closely and will consider additional measures to ensure the normal functioning of Bahraini markets should the circumstances require
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CBB cuts key interest rate
- Bahrain: Thursday, December 18 - 2008 at 11:30
- PRESS RELEASE
The Central Bank of Bahrain (CBB) decided today to cut its key policy interest rate by 75 basis points, after reviewing the decision taken by the Federal Open Market Committee on 16 December 2008.
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Log in to request more information from Central Bank of Bahrain (CBB)
Notes and media contacts
for further information please contact:Central Bank of Bahrain (CBB)
Contact: External Communications Unit
Tel: +973 17547357/17547360
Posted by Nadeen El AjouThursday, December 18 - 2008 at 11:30 UAE local time (GMT+4)
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