September 27, 2023 11:15 AM

Gulf Nations Brace for Prolonged Period of Elevated Interest Rates Following Fed's Lead

Economists are predicting that the United Arab Emirates (UAE) and other Gulf Cooperation Council (GCC) countries will endure an extended period of elevated interest rates, closely mirroring the actions of the United States Federal Reserve. Over the past couple of years, Gulf central banks have been gradually raising interest rates in tandem with the Federal Reserve's efforts to combat inflation, which had soared to multi-decade highs. As the currencies of the UAE and other Gulf nations a...