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The central banks of Saudi Arabia, Qatar and Bahrain raised their key policy rates by 0.25% on Wednesday, following the US Federal Reserve’s decision to raise interest rates by the same percentage earlier in the day. The move was seen as a mirror of the Federal Reserve’s decision, and was seen as a sign of the central banks’ concern about inflation. The failure of Silicon Valley Bank earlier this month was in part due to investors becoming more risk-averse in response to the rising rates, and the Swiss investment giant Credit Suisse was bought out by competitor UBS on Sunday.

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