Qatar central bank cuts interest rates

Qatar Central Bank (QCB) cut yesterday its key interest rates by 25-50 basis points in order to boost the banking market and revive the development activity for the private sector so that it can play a vital role in serving the national economy. In a press statement, QCB said that the deposit interest rate (QCBDR) will become under this reduction 0.75% from of 1%, and the lending rate (QCBLR) will become 4.5% from 5%. As a result of this amendment, the bank added that the repurchase rate (REPO) was also cut to 4.5% from 5%. This reduction is the second in 2011 since April.