Qatar Central Bank (QCB) on Wednesday cut the deposit rate (QCBDR), lending rate (QCBLR) and the repurchase rate (repo) by 50, 75 and 50 basis points respectively. The three rates are now 1.5%, 3.5% and 1.5%.
In a statement on its official website the central bank cited domestic and international macroeconomic developments for the decision which follows the emergency rate cut of 50 basis points by the US Federal Reserve .
The Fed said in it decided to cut the rate in an effort to shield the US economy from the impact of the novel coronavirus.
Most countries with currencies pegged to the US dollar hike and lower interest rates with the Fed. The Qatari riyal has been pegged to the US dollar since 1980. (QNA)
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