Saudi Arabia, Gulf peers raise interest rates after US Fed hike

RIYADH: Saudi Arabia and several Gulf countries raised key interest rates by 25 basis points following the US Federal Reserve’s first hike since 2023, as regional central banks moved to preserve monetary and exchange-rate stability. The Federal Open Market Committee voted unanimously to raise rates rate by a quarter percentage point to a range of 3.75 percent to 4 percent, saying the move would support a “timelier return” of inflation to its 2 percent target. As a result, the Saudi Central Ba