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Posted On: 20 September 2019 09:45 am
Updated On: 12 November 2020 02:21 pm

Qatar Central Bank reduces interest rates

Arvin Garcia
Arvin Garcia
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Qatar Central Bank (QCB) announced Thursday that it reduced its deposit rate (QCBDR) by 25 bps to 2.25%, lending rate (QCBLR) by 25 bps to 4.50%, and the QCB Repurchase rate (Repo) by 25 bps to 2.25%.

In a press release issued today, the QCB said that the decision to reduce its deposit rate, lending rate and the Repurchase rate is based on the evolving domestic and international macroeconomic developments. QCB's decision comes in line with the US Federal Reserve's (US central bank) decision, announced Wednesday, reducing the key interest rate by a quarter-point for the second time this year in a move expected to support economic growth.

Countries which their currencies are pegged to the US dollar raise interest rates in line with a US Federal Reserve's decision. The Qatari riyal has been linked to the US dollar at a fixed rate since 1980.

Source: QNA