Doha: Qatar Central Bank (QCB) announced yesterday that it reduced its deposit rate (QCBDR) by 50 bps to 1.00 percent, lending rate (QCBLR) by 100 bps to 2.50 percent, and the QCB repurchase rate (Repo) by 50 bps to 1.00 percent.
In a press release issued today, the QCB said that the decision to reduce its deposit rate, lending rate and the repurchase rate is based on the evolving domestic and international macroeconomic developments.
QCB’s decision comes in line with the US Federal Reserve’s decision announced yesterday to cut interest rate by a quarter-point for the second time in less than two weeks, in another emergency step to help support the US economy in addressing the repercussions of the coronavirus outbreak. The US Federal Reserve said in a statement that it would cut its target interest rate to a range of 0 to 0.25 percent The US Federal Reserve had already cut interest rates by half a percentage point after an emergency meeting on March 3. That had been the first rate cut outside of a regularly scheduled policy meeting since the financial crisis in 2008.
