Bahrain's Central Bank Slashes Overnight Deposit Rate

The Central Bank of Bahrain (CBB) has reduced its overnight deposit rate by 50 basis points to 5.50%, following a similar move by the Federal Reserve. The decision aims to maintain monetary and financial stability in Bahrain amidst global financial market changes.

The Central Bank of Bahrain (CBB) cut its overnight deposit rate by 50 basis points on Wednesday, bringing it down to 5.50% from 6.00%. The move came in response to the Federal Reserve's decision to lower interest rates by half a percentage point.

In a statement, the CBB explained that the decision is a measure to maintain monetary and financial stability in the Kingdom of Bahrain, considering recent developments in global financial markets.

This rate cut aims to align Bahrain's financial policies with global trends, ensuring better stability and economic resilience.

(With inputs from agencies.)