Day: May 3, 2023

The Saudi Central Bank said today that it is hiking interest rates 25 basis points.

The central bank said in a statement today that it is increasing the repo rate 25 basis points to 5.75 percent, and reverse repo by the same amount to 5.25 percent. The statement added that the decision was made in line with the central bank’s mandate of maintaining monetary stability.

Source: Qatar News Agency

Qatar Central Bank (QCB) announced Wednesday a decision to raise the QCB Deposit Rate (QCBDR) by 25 basis points to 5.50%.

In a statement on Wednesday, QCB also decided to raise the QCB Lending Rate (QCBLR) by 25 basis points to 6.00%. It also decided to raise the QCB Repurchase Rate (QCB Repo Rate) by 25 basis points to 5.75%.

QCB indicated that the decision will go into effect as of tomorrow, Thursday.

Source: Qatar News Agency

Al Rayyan and Al Arabi reached the final of the Amir Volleyball Cup for the 2022-2023 season. The two teams played against Qatar and Police respectively on Wednesday at Aspire ladies gym, where all the matches of the tournament, which will end on May 6, are held.

Having claimed the titles 14 times and were runners-up 13 times, Al Rayyan made a 25 – 08 – 25- 23, 30 – 28 victory over Qatar to book a place in the final of the tournament.

Al Arabi secured a 31 – 29, 25 – 12, 25 -19 win over Police to qualify for the final of the event. They hold the record for the most victories, having won the championship 23 times.

Source: Qatar News Agency

The US Federal Reserve hiked today interest rates 25 basis points to a level between 5-5.25 percent. It is the highest level of interest rates since 2007.

The move comes as part of the Fed’s efforts to fight inflation in the US, which was at 5 percent in March.

The tight monetary policy has had an adverse effect on the financial system. Silicon Valley Bank began a series of bank failures in the United States that ended with the failure of First Republic Bank, as regional banks struggle to deal with the outflow of deposits and with losses resulting from holding long-term securities that has seen a sharp drawdown as a result of the rise in interest rates.

Source: Qatar News Agency

The Local Organizing Committee of AFC Asian Cup Qatar 2023, which is slated to be hosted by Qatar during the period from Jan. 12, 2024, to Feb. 10, 2024, convened its meeting at Qatar Football Association’s headquarters in Al Bidda Tower.

President of Qatar Football Association Sheikh Hamad bin Khalifa bin Ahmed Al-Thani chaired the meeting in the presence of Deputy President of Qatar Football Association Jassim Rashid Al Buenain, members of the committee, including Ahmed Abdulaziz Al Buainain, Ibrahim Khalil Al Muhannadi, Hani Talib Ballan, QFA Secretary-General and General Manager of the tournament Mansour Mohamed Al Ansari, along with Chief Executive Officer of the tournament Jassim Abdulaziz Al Jassim.

The meeting discussed all items on the agenda with respect to the current stage of preparations to organize the tournament, as well as the most crucial steps to hold one of the most important continental championships for national teams Qatar will host in January 2024.

In addition, the meeting discussed all matters related to hosting this tournament, including stadiums and hotels, as well as marketing and media issues, along with all matters pertaining to the tournament, in terms of logistic and tournament operations aspects in order to organize a successful version of AFC Asian Cup.

Source: Qatar News Agency

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has sent a cable of congratulations to President Andrzej Duda of the Republic of Poland on the anniversary of his country’s Constitution Day.

HRH the Crown Prince wished the Polish president continued good health and happiness, and the government and people of the Republic of Poland steady progress and prosperity.

Source: Saudi Press Agency

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulation to President Andrzej Duda of the Republic of Poland on the anniversary of his country’s Constitution Day.

The Custodian of the Two Holy Mosques wished the president continued good health and happiness, and the government and people of the Republic of Poland steady progress and prosperity.

Source: Saudi Press Agency

Prime Minister of Pakistan Muhammad Shehbaz Sharif has expressed his appreciation to the Kingdom of Saudi Arabia for facilitating operations of the safe evacuation of Pakistani citizens from Sudan.

The Associated Press of Pakistan today said that the Prime Minister also commended the efforts of China and the Pakistani Foreign Ministry, air force and other relevant institutions for their contributions to evacuating Pakistanis from Sudan.

Meanwhile, the Pakistani Foreign Ministry announced that more than 1,000 Pakistanis had been evacuated from Sudan through Jeddah with the support of the Kingdom of Saudi Arabia and China.

Source: Saudi Press Agency

The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay Later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA invites stakeholders and the public to provide suggestions and observations on the draft Rules by visiting the Public Consultation Platform at the National Competitiveness Center.

This comes as part of SAMA’s role in supervising and regulating the BNPL companies, and its continuous effort to develop the financial sector in

general and empower the FinTech sector in particular.

SAMA noted that these Rules set the minimum standards and procedures required to practice the BNPL activity and sustainability of the sector without compromising the Financial Consumer Protection Principles and their rights.

Suggestions and observations on the drafted Rules will be received within (30) days of this announcement for assessing their relevance in finalizing the draft. The draft is available on the Public Consultation Platform with the National Competitiveness Center.

Source: Saudi Press Agency