When Jerome Powell, chair of the US Federal Reserve, warned in late August of an unfortunate cost from rising US interest rates, Middle Eastern banks were among the first to find out what the Federal Reserve chairman meant.
Immediate gyrations in the dollar, bond markets and oil prices reminded bankers from Cairo to Muscat of the intense headwinds the region faces from all directions.
To the west, the highest inflation in 40 years has the Fed embarking on the most aggressive tightening cycle since the early 1990s.
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