Gulf central banks cut key interest rates, mirroring Fed move ...Kuwait

Most Gulf central banks cut their key interest rates on Wednesday after the Federal Reserve decreased US rates by half a percentage point, citing 'greater confidence' on inflation. The Fed cut its rate by 50 basis points (bps) on Wednesday with policymakers seeing the benchmark rate falling by another half a percentage point by the end of this year. The Gulf region's oil and gas exporters tend to follow the Fed's lead on rate moves as most regional currencies are pegged to the US dollar; only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar. But regional economies have been largely shielded from stubbornly high inflation elsewhere, and

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