World

GCC central banks hold rates after Fed keeps benchmark unchanged

RIYADH: Central banks in the UAE, Qatar and Bahrain have kept interest rates unchanged, following the US Federal Reserve’s decision to hold its benchmark rate steady. The Fed’s rate-setting committee voted 10-2 to keep its benchmark rate in the 3.75 to 4 percent range. Gulf central banks tend to move in step with Washington because most regional currencies are pegged to the US dollar. “The Committee decided to maintain the target range for the federal funds rate at 3-3/4 to 4 percent, in suppor