Kuwait and the UAE lowered their interest rates on Wednesday following the US Federal Reserve's move to cut its benchmark rate for the first time in more than four years, reported Reuters. Kuwait lowered its repurchase rate by 50 basis points to 4.75%, while the UAE, which pegs its currency to the US dollar, cut its one-week, one-month and three-month certificate of deposit (CD) interest rates by 15 basis points.

[AMEInfo.com]



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Posted: 09|19|07 at 10:32 am. Filed under: News.