March 16, 2020 / 12:17 PM / 23 days ago

Bahrain central bank cuts key rates by 75 bps

DUBAI, March 16 (Reuters) - Bahrain’s central bank cut its key interest rates by 75 basis points (bps) on Monday, following the U.S. Federal Reserve, which slashed its rates to near zero a day earlier to bolster the economy as the coronavirus epidemic spreads.

The Central Bank of Bahrain cut its interest rates on overnight, one-week and one-month deposits by 75 bps to 0.75%, 1.00% and 1.45% respectively. It cut its lending rate by the same level to 1.7% from 2.45%.

Reporting by Saeed Azhar and Maher Chmaytelli; Writing by Yousef Saba, editing by Louise Heavens

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