Bahrain’s central bank cut its key interest rates by 75 basis points (bps) on Monday, following the U.S. Federal Reserve, which slashed its rates to near zero a day earlier to bolster the economy as the coronavirus epidemic spreads.
The Central Bank of Bahrain cut its interest rates on overnight, one-week and one-month deposits by 75 bps to 0.75%, 1.00% and 1.45% respectively. It cut its lending rate by the same level to 1.7% from 2.45%.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).