Most GCC central banks hold interest rates unchanged

Image courtesy: Tamer Soliman/ Getty Images

Central banks in the GCC region followed the US Federal Reserve’s (Fed) decision to keep interest rates unchanged to protect their currencies’ peg against the greenback.

The Fed held interest rates at a 22-year high for a second straight meeting, while noting that the recent rise in treasury yields may weigh on the economy and inflation.

The US central bank said it was still watching the developing impact of its past rate hikes as it mulled further action, cognisant of “the lags with…