Coverage: Q1 2026 · Information to 14 April 2026
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TGB Quarterly Regional Banking Monitor · 14 April 2026
With the Strait of Hormuz effectively closed to shipping since military action began on 28 February, six Gulf producers shut in an estimated 7.5 million b/d of crude in March; Qatar, Kuwait and Bahrain turned to liquidity, forbearance and buffer relief, while Egypt paused its easing cycle at 19.0%.
The desk view
The first quarter of 2026 began as a quarter of steady, dollar-pegged policy and ended as a liquidity-management exercise. The Federal Reserve held its target range at 3.50–3.75% in January and March, after the Saudi, Qatari, Kuwaiti and Bahraini central banks had cut rates in December 2025. The US Energy Information Administration reported that the Strait of Hormuz had been effectively closed to shipping since military action began on 28 February; Brent averaged $103 a barrel in March and crude shut-ins in six Gulf producers reached an estimated 7.5 million b/d. Central banks answered mainly with balance-sheet and prudential tools: Qatar cut its reserve requirement and offered unlimited repo, Kuwait lowered liquidity standards and released part of a capital buffer, and Bahrain launched three-month loan deferrals. Egypt and Morocco held policy rates, with Egyptian inflation turning up to 13.4% in February. The two large banks reviewed here, Emirates NBD and Al Rajhi Bank, entered the shock with strong 2025 earnings.
The regional picture: an energy shock met with liquidity tools
For the region's dollar-pegged banking systems, the quarter opened with an unchanged US anchor. The Federal Open Market Committee kept the federal funds target range at 3.50–3.75% on 28 January and again on 18 March 2026. Its March statement added that the implications of developments in the Middle East for the US economy were uncertain. In December 2025 the Saudi Central Bank (SAMA) cut its repo rate to 4.25%, the Qatar Central Bank (QCB) cut its deposit rate to 3.85%, the Central Bank of Kuwait (CBK) cut its discount rate to 3.50% and the Central Bank of Bahrain (CBB) cut its overnight deposit rate to 4.25%.
The shock came from energy markets rather than from interest rates. The US Energy Information Administration (EIA) reported that the Strait of Hormuz, through which nearly 20% of global oil supply flows, had been effectively closed to shipping since military action began on 28 February. Brent averaged $103 a barrel in March, $32 more than its February average, and daily prices reached almost $128 on 2 April. That puts the February average at about $71. The EIA estimated that Iraq, Saudi Arabia, Kuwait, the UAE, Qatar and Bahrain together shut in 7.5 million b/d of crude oil production in March and expected shut-ins to reach 9.1 million b/d in April.
For Gulf producers, the higher price came with lost volumes. The burden was uneven: Bahrain, Iraq, Qatar and Kuwait each shut in close to half or more of their February output, against less than a fifth in Saudi Arabia. In gas, an attack on Qatar's Ras Laffan facility on 18 March damaged two liquefaction trains representing 17% of Qatari LNG export capacity, and the EIA reported that, as of 19 March, QatarEnergy estimated repairs could take up to five years.
Gulf crude output and estimated shut-ins, thousand b/d
| Country | Production, February 2026 | Estimated shut-ins, March 2026 | Shut-ins as % of February output |
|---|---|---|---|
| Saudi Arabia | 10,400 | 1,900 | 18.3 |
| Iraq | 4,370 | 2,820 | 64.5 |
| UAE | 3,600 | 1,110 | 30.8 |
| Kuwait | 2,560 | 1,250 | 48.8 |
| Qatar | 616 | 316 | 51.3 |
| Bahrain | 193 | 130 | 67.4 |
| Total | 21,739 | 7,526 | 34.6 |
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, April 2026, 7 April 2026.
Crude shut-ins, March 2026, % of February output
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, April 2026, 7 April 2026; Qatar Central Bank, Qatar Central Bank Assesses Resilience of the Financial Sector and Announces Pre-emptive Support Measures, 29 March 2026; Central Bank of Kuwait, CBK Offers a Stimulus Package for Local Banks, 26 March 2026; Central Bank of Bahrain, Central Bank of Bahrain announces Loan Deferral Program with 7 BHD Billion Liquidity Support, 13 April 2026; Central Bank of Egypt, MPC Press Release 2 April 2026, 2 April 2026; Bank Al-Maghrib, Press release: Bank Al-Maghrib Board Meeting, March 17, 2026, 17 March 2026.
The policy response followed a common pattern. Qatar, Kuwait and Bahrain released liquidity and prudential headroom: the QCB lowered its reserve requirement from 4.5% to 3.5% and offered unlimited repo, the CBK lowered its liquidity standards and released part of the capital conservation buffer, and the CBB cut reserve requirements from 5.0% to 3.5% and minimum liquidity coverage and net stable funding ratios from 100% to 80%. Qatar and Bahrain also allowed borrowers to defer loan payments for up to three months. Outside the Gulf, the Central Bank of Egypt (CBE) paused its easing cycle and Bank Al-Maghrib held its key rate, both pointing to the conflict in the Middle East. The EIA's April outlook assumed the conflict would not persist past April and that Hormuz traffic would gradually resume, with Brent averaging $81 in Q1 2026, peaking at $115 in Q2 2026 and easing to $88 in Q4 2026. It also expected disruptions to continue through late 2026 and prices to carry a larger risk premium. For banks, the duration of the disruption therefore matters more than its first-month intensity.
Saudi Arabia: strong 2025 growth, a smaller share of output shut in
SAMA entered the quarter having cut its repo rate by 25bp to 4.25% and its reverse repo rate by 25bp to 3.75% on 10 December 2025. That left the repo rate 50bp above the upper end of the Federal Reserve's range, which the FOMC kept at 3.50–3.75% through March.
The macroeconomic starting point was strong. The General Authority for Statistics (GASTAT) estimated real GDP growth of 4.5% in 2025, with oil activities up 5.7%, non-oil activities up 4.9% and government activities up 0.9%. The economy grew by 5.0% year on year in Q4 2025. Nominal GDP was SAR4,789 billion in 2025, with crude oil and natural gas activities contributing 17.1%. Industrial production rose 8.9% year on year in February 2026, with the oil activities index up 11.5% and the non-oil index up 2.4%. Those February figures cover a month that ended the day military action began.
The EIA estimated that Saudi Arabia produced 10,400 thousand b/d of crude in February 2026 and shut in 1,900 thousand b/d in March. That is the second-largest volume among the six producers, after Iraq, but a much smaller share of output than in the other five. A reduction of this size can feed through to bank funding via government and government-related deposits and spending, which makes the length of the disruption the key variable for Saudi liquidity.
At bank level, Al Rajhi Bank reported 2025 net income of about SAR24,792 million, up 26%, on total operating income of about SAR39,094 million, up 22%. Its financing portfolio reached SAR753 billion, up 9%, against customer deposits of SAR667 billion, and total assets were SAR1,043 billion. Financing was therefore equivalent to about 113% of customer deposits. Return on assets was 2.41% and return on equity 23.4%. A financing book larger than the deposit base leaves the bank reliant on non-deposit funding, which is the channel most exposed if regional funding markets tighten.
United Arab Emirates: high profitability, a lower liquidity buffer
The EIA estimated that the UAE produced 3,600 thousand b/d of crude in February 2026 and shut in 1,110 thousand b/d in March, about 31% of February output. On 8 April 2026 the Central Bank of the UAE (CBUAE) and the CBB signed a five-year currency swap with a nominal value of BHD2 billion (AED20 billion).
Emirates NBD's 2025 results show the position of a large UAE balance sheet going into the shock. The group reported FY 2025 profit before tax of AED29.8 billion, up 10%, and profit of AED24.0 billion, up 4%, with total income up 12% to AED49.3 billion. Tax rose 41% to AED5.8 billion, which explains why profit grew more slowly than profit before tax. Gross loans grew by AED129 billion (24%) to AED658 billion and deposits by AED119 billion (18%) to AED786 billion. The ratio of gross loans to deposits therefore rose to about 84% at end-2025 from about 79% a year earlier.
Both the margin and the liquidity ratio fell during the year. The net interest margin fell 18bp to 3.46%, and the liquidity coverage ratio fell to 152% from 197%. Asset quality and capital remained solid: the NPL ratio improved to 2.4% from 3.3%, coverage of impaired loans was 160%, the CET1 ratio was 14.4% and the capital adequacy ratio 16.6%. Return on tangible equity was 19.4%, down from 21.8%. The 45-percentage-point fall in the liquidity coverage ratio over 2025 means the bank had less of a cushion than a year earlier as funding conditions tightened.
Qatar: unlimited repo, lower reserves and loan deferrals
The QCB cut its deposit, lending and repo rates by 25bp each as of 11 December 2025, to 3.85%, 4.35% and 4.10%. In March 2026 its Monetary Policy Committee maintained all three rates. International reserves and foreign-currency liquidity reached QR261.9 billion at end-January 2026, up 2.6% year on year, and official reserves were QR202.3 billion, up 3.1%.
Qatar's exposure to the shock runs through gas as well as oil. The EIA estimated that Qatar produced 616 thousand b/d of crude in February 2026 and shut in 316 thousand b/d in March. The attack on Ras Laffan on 18 March damaged two trains equal to 17% of Qatari LNG export capacity; in 2025 Qatar exported nearly 20% of global LNG supplies through Hormuz.
On 29 March 2026 the QCB said its review had found liquidity strong, capital significantly above regulatory requirements and provisioning giving strong coverage against credit risk. It nonetheless announced precautionary measures. It would offer an unlimited amount of riyal repo against eligible securities and introduce a term repo facility with maturities of up to three months. It would reduce the reserve requirement on deposits from 4.5% to 3.5%, a cut of 100bp. It would also permit banks to offer affected borrowers deferral of principal and interest for up to three months, applied under banks' internal policies and supervisory guidance.
Unlimited repo against eligible securities converts banks' holdings of government paper into ready liquidity, so the binding constraint becomes collateral rather than central bank willingness. Payment deferrals support borrowers but delay the recognition of credit stress, so loan-quality data for the coming quarters will need to be read with the deferral window in mind.
Kuwait: liquidity ratios and a capital buffer released
The CBK cut its discount rate by 25bp to 3.50% from 3.75%, effective 11 December 2025. The EIA estimated that Kuwait produced 2,560 thousand b/d of crude in February 2026 and shut in 1,250 thousand b/d in March, close to half of its output.
On 26 March 2026 the CBK adopted a package of regulatory instructions and macroprudential tools. It lowered the liquidity standards applied to banks, including the liquidity coverage ratio, the net stable funding ratio and the regulatory liquidity ratio, raised limits on cumulative liquidity gaps and the maximum available lending limit, and released a portion of the capital conservation buffer. The CBK said banks' liquidity and capital adequacy ratios exceed global averages and regulatory requirements by comfortable margins.
Kuwait's package works on prudential limits rather than on central bank lending. Lower liquidity ratios and a higher lending limit let banks use existing buffers to keep credit flowing, while the partial buffer release frees capital that would otherwise restrict lending.
Bahrain: deferrals, unlimited liquidity and lower ratios
The CBB cut its overnight deposit rate by 25bp from 4.50% to 4.25%, effective 11 December 2025, and kept it at 4.25% on 18 March 2026. On 11 March it said banks' capital adequacy and liquidity ratios remained above regulatory requirements and that payment systems continued to operate efficiently. The EIA estimated that Bahrain shut in 130 thousand b/d of its 193 thousand b/d of February crude output in March.
On 13 April 2026 the CBB announced a loan deferral and liquidity support programme. Retail banks and financing companies will offer individuals and corporates the option to defer loan instalments and credit card payments, including principal and interest, for three months, with flexibility to postpone the classification of loans for affected customers. For six months the CBB will provide retail banks unlimited dinar liquidity against eligible collateral, currently BHD7.0 billion, and the repo facility will be extended to three months. Reserve requirements will fall from 5.0% to 3.5%, and the minimum liquidity coverage and net stable funding ratios from 100% to 80%.
Eligible collateral of BHD7.0 billion is equivalent to about 62% of the BHD11.3 billion of domestic loans. The 150bp cut in reserve requirements is larger than Qatar's 100bp cut. On 8 April the CBB also signed a BHD2 billion currency swap with the CBUAE.
Egypt: easing paused as the energy shock reaches inflation
Egypt entered the quarter on an easing path. On 12 February 2026 the CBE cut key policy rates by 100bp, taking the overnight deposit rate to 19.0%, the overnight lending rate to 20.0% and the main operation rate to 19.5%. Its Board also cut commercial banks' required reserve ratio from 18% to 16%. Headline and core inflation had fallen to 11.9% and 11.2% in January 2026, and averaged 14.1% and 12.1% in 2025 against 28.3% and 27.2% in 2024. In February the International Monetary Fund completed the fifth and sixth reviews of Egypt's Extended Fund Facility arrangement and the first review under the Resilience and Sustainability Facility, allowing Egypt to draw about US$2 billion under the Extended Fund Facility and US$273 million under the Resilience and Sustainability Facility. It put gross reserves at about US$59.2 billion as of December 2025, up from US$54.9 billion in December 2024.
By 2 April the picture had changed. The CBE kept its rates at 19.0%, 20.0% and 19.5% and said it had opted to pause the easing cycle and adopt a wait-and-see approach, given an adequately positive real interest margin. Headline inflation rose to 13.4% in February from 11.9% in January, and core inflation to 12.7% from 11.2%, driven mainly by annual increases in education tuition fees, with food prices also ticking up on usual Ramadan dynamics. The CBE said the conflict triggered a global energy shock and risk-off sentiment, with domestic effects through fiscal consolidation and exchange-rate depreciation, which it said continued to serve as a primary shock absorber.
The CBE expected Q1 2026 growth of around 4.8–5.0%, down from 5.3% in Q4 2025, and cut its FY 2025/26 growth projection to 4.9% from 5.1%. It said its target of 7% (±2 percentage points) on average in Q4 2026 had become increasingly susceptible to upside risks. With the overnight deposit rate at 19.0% and February headline inflation at 13.4%, the ex-post real policy rate was about 5.6 percentage points.
Egypt annual headline inflation, %
Source: Central Bank of Egypt, MPC Press Release 12 February 2026, 12 February 2026; Central Bank of Egypt, MPC Press Release 2 April 2026, 2 April 2026.
Egypt: the CBE's February and April decisions
| Indicator | 12 February 2026 | 2 April 2026 |
|---|---|---|
| Decision | Cut of 100bp | Unchanged |
| Overnight deposit rate | 19.0% | 19.0% |
| Overnight lending rate | 20.0% | 20.0% |
| Required reserve ratio | Cut to 16% from 18% | Not mentioned in statement |
| Latest headline inflation | 11.9% (January 2026) | 13.4% (February 2026) |
| FY 2025/26 growth projection | 5.1% | 4.9% |
Source: Central Bank of Egypt, MPC Press Release 12 February 2026, 12 February 2026; Central Bank of Egypt, MPC Press Release 2 April 2026, 2 April 2026.
The IMF's February review asked Egypt to rapidly strengthen risk-management practices at state-owned banks and to keep exchange-rate movements market-determined, with intervention limited to disorderly conditions. For Egyptian banks, the pause keeps funding costs high for longer, while higher inflation and a weaker currency raise pressure on borrowers with foreign-currency or import-linked costs.
Morocco: rates on hold, exposure through the energy bill
On 17 March 2026 the Board of Bank Al-Maghrib kept the key rate at 2.25%. It said the war in the Middle East would affect Morocco particularly through external accounts and, more specifically, energy prices, and would remain relatively contained in a short-lived conflict but could be more pronounced otherwise. Its baseline put Brent at an average of USD78.9 a barrel in 2026, against USD68.1 in 2025. That annual assumption was below the $103 average Brent price the EIA reported for March.
Bank Al-Maghrib medium-term projections
| Indicator | 2025 | 2026 | 2027 |
|---|---|---|---|
| National growth, % | 4.8 | 5.6 | 3.5 |
| Inflation, % | – | 0.8 | 1.4 |
| Current account deficit, % of GDP | 2.3 | 3.1 | 2.5 |
| Bank credit to non-financial sector, growth % | 4.7 | 6 | 5.1 |
| Brent, USD per barrel | 68.1 | 78.9 | 64.5 |
Source: Bank Al-Maghrib, Press release: Bank Al-Maghrib Board Meeting, March 17, 2026, 17 March 2026.
Transmission of earlier easing was incomplete: bank lending rates to the non-financial sector fell a cumulative 61bp between June 2024 and Q4 2025, against 75bp of key-rate cuts. Bank Al-Maghrib expected the energy bill, which fell to MAD107.6 billion in 2025, to rise 15.6% in 2026. Banks' liquidity needs stood at MAD131.7 billion in 2025. With inflation forecast at 0.8% for 2026, the Board had room to wait, and the channel it identified for the war's impact was the external account.
Cross-country comparison
MENA monitor: policy rates and crisis measures to 13 April 2026
| Country | Policy rate (last change) | Latest policy-rate action in the period | Liquidity and reserve measures | Borrower relief |
|---|---|---|---|---|
| United States (anchor) | 3.50–3.75% | Held, 28 January and 18 March 2026 | Not applicable | Not applicable |
| Saudi Arabia | Repo 4.25% (10 December 2025) | Cut 25bp, 10 December 2025 | Not covered | Not covered |
| Qatar | Deposit 3.85% (11 December 2025) | Held, March 2026 | Unlimited repo; term repo up to three months; reserve requirement 4.5% to 3.5% | Deferral up to three months |
| Kuwait | Discount 3.50% (11 December 2025) | Cut 25bp, effective 11 December 2025 | LCR, NSFR and liquidity ratio lowered; part of capital conservation buffer released | Not in package |
| Bahrain | Overnight deposit 4.25% (11 December 2025) | Held, 18 March 2026 | Unlimited dinar liquidity for six months; reserve requirement 5.0% to 3.5%; LCR and NSFR 100% to 80% | Three-month deferral |
| Egypt | Overnight deposit 19.0% (12 February 2026) | Held, 2 April 2026 | Reserve ratio 18% to 16% | Not covered |
| Morocco | Key rate 2.25% | Held, 17 March 2026 | Not covered | Not covered |
Source: Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (28 January 2026), 28 January 2026; Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (18 March 2026), 18 March 2026; Saudi Central Bank (SAMA), SAMA Decision on Repo and Reverse Repo Rates (10 December 2025), 10 December 2025; Qatar Central Bank, Monetary Policy Committee Resolution on Monetary Policy Instruments - December 2025, 10 December 2025; Qatar Central Bank, Monetary Policy Committee Resolution on Monetary Policy Instruments - March 2026, 18 March 2026; Qatar Central Bank, Qatar Central Bank Assesses Resilience of the Financial Sector and Announces Pre-emptive Support Measures, 29 March 2026; Central Bank of Kuwait, CBK Cuts the discount rate by 25 basis points to 3.50%, 10 December 2025; Central Bank of Kuwait, CBK Offers a Stimulus Package for Local Banks, 26 March 2026; Central Bank of Bahrain, CBB Cuts Overnight Deposit Interest Rate by 25 basis points (10 December 2025), 10 December 2025; Central Bank of Bahrain, CBB Maintains Overnight Interest Rate unchanged at 4.25% (18 March 2026), 18 March 2026; Central Bank of Bahrain, Central Bank of Bahrain announces Loan Deferral Program with 7 BHD Billion Liquidity Support, 13 April 2026; Central Bank of Egypt, MPC Press Release 12 February 2026, 12 February 2026; Central Bank of Egypt, MPC Press Release 2 April 2026, 2 April 2026; Bank Al-Maghrib, Press release: Bank Al-Maghrib Board Meeting, March 17, 2026, 17 March 2026.
The table shows a clear split. Qatar and Bahrain held policy rates at the levels set by their December 2025 cuts, and the Gulf central banks that acted used reserve requirements, repo facilities, liquidity ratios and capital buffers rather than rates to absorb the shock. Bahrain's package combined most of these tools with three-month deferrals. Egypt and Morocco, with their own rate cycles, chose to hold.
Bank indicators entering the shock, FY 2025
| Indicator | Emirates NBD | Al Rajhi Bank |
|---|---|---|
| Profit | AED24.0bn, +4% | SAR24,792m, +26% |
| Loans or financing | AED658bn, +24% | SAR753bn, +9% |
| Deposits | AED786bn, +18% | SAR667bn |
| Loans or financing to deposits | 84% | 113% |
| Profitability ratio | Return on tangible equity 19.4% | Return on equity 23.4% |
Source: Emirates NBD, Emirates NBD delivered a record AED 29.8 billion profit before tax, up 10% (FY 2025 results press release), 26 January 2026; Al Rajhi Bank, Al Rajhi Bank 2025 financial results press release, 27 January 2026.
Both banks entered the shock highly profitable, but with balance sheets that had grown faster in lending than in deposits during 2025. For Emirates NBD the lending growth of 24% exceeded deposit growth of 18%; for Al Rajhi, financing of SAR753 billion exceeded deposits of SAR667 billion.
Outlook risks
The duration of the Hormuz closure is the main risk. The EIA's April outlook rests on the assumption that the conflict does not persist past April and that Hormuz traffic gradually resumes, and it expected disruptions to continue through late 2026. A longer closure would extend the shut-ins that weigh on Gulf export receipts and, through government deposits and spending, on bank funding.
Forbearance will cloud asset-quality data. With Qatar and Bahrain allowing three-month deferrals and Bahraini lenders able to postpone loan classification, reported loan-quality ratios in the next quarters may not show stress promptly. Liquidity relief also means lower regulatory minimums: Bahrain's minimum liquidity coverage ratio falls to 80%, and Kuwait has lowered its own liquidity standards.
In Egypt, the risk is a renewed inflation cycle. February inflation rose to 13.4% and the CBE has flagged upside risks to its 7% (±2 percentage points) target for Q4 2026. In Morocco, Bank Al-Maghrib's oil assumption of USD78.9 for 2026 sits below March market prices, so its external-account projections could worsen if prices stay high.
What to watch
- The EIA assumes the conflict does not persist past April 2026 and that Hormuz traffic gradually resumes, with Brent peaking at $115 in Q2 2026.
- Bahrain's three-month loan deferrals and six months of unlimited dinar liquidity, announced on 13 April 2026, begin to run.
- Qatar's term repo facility of up to three months and its three-month deferral option, announced on 29 March 2026.
- Egypt's inflation path against the CBE target of 7% (±2 percentage points) on average in Q4 2026.
Primary sources: Central Bank of Egypt, MPC Press Release 2 April 2026, 2 April 2026; U.S. Energy Information Administration, Short-Term Energy Outlook, April 2026, 7 April 2026; Qatar Central Bank, Qatar Central Bank Assesses Resilience of the Financial Sector and Announces Pre-emptive Support Measures, 29 March 2026; Central Bank of Kuwait, CBK Offers a Stimulus Package for Local Banks, 26 March 2026; Central Bank of Bahrain, Central Bank of Bahrain announces Loan Deferral Program with 7 BHD Billion Liquidity Support, 13 April 2026; Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (28 January 2026), 28 January 2026; Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement (18 March 2026), 18 March 2026; Saudi Central Bank (SAMA), SAMA Decision on Repo and Reverse Repo Rates (10 December 2025), 10 December 2025; Qatar Central Bank, Monetary Policy Committee Resolution on Monetary Policy Instruments - December 2025, 10 December 2025; Central Bank of Kuwait, CBK Cuts the discount rate by 25 basis points to 3.50%, 10 December 2025; Central Bank of Bahrain, CBB Cuts Overnight Deposit Interest Rate by 25 basis points (10 December 2025), 10 December 2025; Bank Al-Maghrib, Press release: Bank Al-Maghrib Board Meeting, March 17, 2026, 17 March 2026; Emirates NBD, Emirates NBD delivered a record AED 29.8 billion profit before tax, up 10% (FY 2025 results press release), 26 January 2026; Al Rajhi Bank, Al Rajhi Bank 2025 financial results press release, 27 January 2026; General Authority for Statistics (GASTAT), GASTAT: Saudi economy records 4.5% growth in 2025, 9 March 2026; General Authority for Statistics (GASTAT), GASTAT: Industrial Production Index increases by 8.9% in February 2026, 9 April 2026; Central Bank of Bahrain, CBB and CBUAE Sign BHD 2 billion BHD/AED Currency Swap Agreement, 8 April 2026; Qatar Central Bank, Monetary Policy Committee Resolution on Monetary Policy Instruments - March 2026, 18 March 2026; Qatar Central Bank, Qatar International Reserves and Foreign Currency Liquidity grew to reach QR 261.9 billion at the end of January 2026, 9 February 2026; Central Bank of Bahrain, CBB Maintains Overnight Interest Rate unchanged at 4.25% (18 March 2026), 18 March 2026; Central Bank of Bahrain, Bahrain's Banking and Financial Sector Continues to Operate Normally, Demonstrating Stability, Resilience and the Highest Levels of Readiness, 11 March 2026; Central Bank of Egypt, MPC Press Release 12 February 2026, 12 February 2026; International Monetary Fund, Press Release No. 26/064: IMF completes fifth and sixth reviews under the Extended Arrangement under the EFF for Egypt and first review under the RSA, 26 February 2026.