“2022” Consecutive rises in interest rates

Al-Anbat: Saba’a Al-Sukkar

Translated by: Mohammad Allahham

In light of the changes in interest rates to maintain monetary and financial stability in the Kingdom, and to maintain the strength and attractiveness of assets denominated in dinars against other currencies, "Al-Anbat” monitored the number of times interest rates were raised by the Central Bank, and it was found that the interest rate was raised for seven consecutive times during the year 2022.

As the interest rate was raised for the first time last March by 25 basis points on all monetary policy tools, while the interest rate was doubled in May by 50 basis points on all bank monetary policy tools, while in June the Central Bank raised the interest rate again by 50 basis points. excluding the overnight deposit window rate, which the Central Bank's Open Market Operations Committee decided to raise by 75 basis points.

While the Open Market Operations Committee decided in July to raise interest rates on all monetary policy tools by 75 basis points for the fourth time, then they were raised in September by 75 basis points, bringing the interest rate rise in November to 75 basis points, and the rate rise reached Interest in December to become 50 basis points at the end of 2022.