Bahrain's central bank said it had decided on Wednesday to raise the interest rate on its overnight deposit facility, its key policy interest rate, to 0.50 per cent from 0.25 per cent with immediate effect.

The rate on its one-week deposit facility was raised to 0.75 per cent from 0.50 per cent, while the central bank said it was keeping its repo and lending rates at 2.25 per cent.

The announcement came shortly after the US Federal Reserve raised rates for the first time in nine years. – Reuters