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Kuwait may cut key interest rates - paper

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 20 January 2009
LIQUIDITY PUMP: Saudi Arabia and UAE central banks slashed key rates on Monday. (Getty Images)
LIQUIDITY PUMP: Saudi Arabia and UAE central banks slashed key rates on Monday. (Getty Images)

Kuwait was expected to cut interest rates after Gulf Arab neighbours Saudi Arabia and the United Arab Emirates slashed key rates on Monday, Kuwaiti daily al-Watan cited banking sources as saying.

The rate cut could be between 0.25 and 0.50 percent, al-Watan reported. That would take the benchmark rate to between 3.25 and 3.50 percent from 3.75 percent now.

The Saudi and UAE cuts on Monday were the latest in a series of moves aimed at staving off a sharp slowdown in economic growth due to global financial turmoil.

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Most of the oil-exporting Gulf states peg their currencies to the US dollar, but have kept interest rates above Federal Reserve rates, which were cut to near zero last month. (Reuters)

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