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Qatar reduces interest rate by 50 points

05 Apr 2011

(MENAFN) Central bank of Qatar announced a 50 basis point decrease in interest rates, thus reducing interest rate for the first time since last August, reported Reuters.

In addition, the central bank stated that main overnight deposit rate went down to 1.0 percent, compared to the previous value at 1.5 percent. As for overnight lending rate, the central bank decreased it to 5 percent, down from 5.5 percent, while the repo rate now stands at 5 percent, down from 5.55 percent.

Although the central bank did not disclose the reasons behind the decrease in rate, analysts believe the step aims at pushing non-oil economy forward as well as at mitigating capital inflows.

It is worth noting that Qatar has one of the highest forecasted economic growth rates for 2011at 15.8 percent.

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