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Qatar central bank raises lending rate, cuts reserve requirement -official
March 16, 2017 / 12:51 PM / 9 months ago

Qatar central bank raises lending rate, cuts reserve requirement -official

DOHA, March 16 (Reuters) - Qatar’s central bank raised its overnight lending rate by 25 basis points to 5.0 percent after the U.S. Federal Reserve tightened policy by a similar margin, a Qatari central bank official told Reuters on Thursday.

However, the central bank also reduced banks’ reserve requirement - the amount of money they must hold back from lending as reserves - by 25 bps to 4.5 percent, the official added.

The reserve requirement cut followed complaints by commercial banks about tight liquidity in the money market, which has driven short-term market rates up sharply in the past 18 months. The reserve requirement was last changed in April 2008. (Reporting by Tom Finn; Writing by Andrew Torchia; Editing by Toby Chopra)

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