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FINANCIAL NEWS
Qatar reduces key interest rate to 1.5%
12 Aug 2010
(MENAFN) Qatar’s central bank changed its overnight deposit facility for the first time in more than two years, lowering it by 50 basis points to 1.5 percent and leaving other key interest rates unchanged, Reuters reported.
Qatar did not join a wave of rate cuts by central banks in the region, Europe and the US during the global financial crisis and kept its main rates unchanged since May, 2008.
Lowering the lending rate will boost the economy by reducing the cost of funds, allowing banks and investors to borrow more, said the chief executive officer of a Doha-based bank.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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